Beijing Expresses Concern Over US Putting Pressure On Chinese Companies Using State Power

Umer Jamshaid Published September 05, 2022 | 08:22 PM

China is concerned about the US practice of using government power to put pressure on Chinese companies, which goes against the principles of market economy and international trade and economic rules, Chinese Foreign Ministry spokeswoman Mao Ning said on Monday

MOSCOW (UrduPoint News / Sputnik - 05th September, 2022) China is concerned about the US practice of using government power to put pressure on Chinese companies, which goes against the principles of market economy and international trade and economic rules, Chinese Foreign Ministry spokeswoman Mao Ning said on Monday.

On Saturday, Bloomberg, citing knowledgeable sources, reported that the US is considering options to restrict investment in Chinese technology companies, with US President Joe Biden expected to sign relevant decree in the coming months.

"I've seen relevant reports. They mentioned that the US would use government power to cripple Chinese companies. This is quite concerning," Mao said during a briefing.

The spokeswoman also said that scientific and technological advances should benefit all of humanity, rather than be used as a means to limit or constrain the development of other countries.

"The US has been stretching the concept of national security to hamper China-US business ties and sci-tech exchanges.

This is against the principle of market economy and international economic and trading rules. It undercuts global confidence in US business environment and will backfire on the US," the diplomat added.

Mao Ning also reaffirmed Beijing's commitment to protect rights of Chinese companies.

On September 1, US technology company Nvidia said that Washington had imposed restrictions on the sale of a number of high-tech computer chips to Russia and China fearing they can be used for military purposes. The high-tech products of another US company, Advanced Micro Devices (AMD), reportedly came under restrictions as well.

Last week, US President Joe Biden signed an executive order to implement the $280 billion CHIPS and Science Act of 2022, which includes more than $52 billion in subsidies for US semiconductor manufacturers in an effort to counter China's growing technological clout. On September 2, the US Trade Representative also extended the Trump administration-era tariffs on Chinese goods.