Biden’s reported plan to bar US investments in some Chinese technology companies undermines market rules as well as global trade practices, Shu Jueting, a spokesperson of Chinese Ministry of Commerce (MOFCOM) told a regular press conference on Thursday.
The remarks come as the Biden administration plans to ban American investment in some Chinese technology companies and strengthen scrutiny of others, Reuters reported recently, citing sources.
Shu described the US move as “government intervening in the normal business decisions of companies through administrative means,” which undermines market rules as well as the international economic and trade order, damages the interests of the concerned companies and the investors, and is not in the interests of China, the US, and the world as a whole.
Shu said that China’s actual use of foreign investment in 2022 reached 1.23 trillion yuan, a year-on-year increase of 6.3 percent, and that investment from major source countries generally increased.
“China’s opening-up the door to investment will only get wider and we will continue to build a market-oriented, law-based, and internationalized business environment. We welcome companies from all countries, including those from the US, to invest and do business in China and share in the dividends of development,” Shu said.
Statistical data from both sides in 2022 showed that the volume of trade between China and the US hit a record high, demonstrating strong resilience and highlighting the highly complementary economic structures and the nature of win-win cooperation between China and the US, Shu said.
“We have noticed that the American Chamber of Commerce in China recently stated that for American companies, the Chinese market is not an option, but a must. The Chamber of Commerce will work with member companies to seize new development opportunities. The US-China Business Council also believe that only China-US cooperation can benefit people from both countries. China will always adhere to open cooperation and provide opportunities for the world to benefit from its own domestic development,” Shu said.