(ECNS) -- China opposes U.S. politicizing and weaponizing of trade and tech issues, said Chinese Foreign Ministry Spokesperson Mao Ning at a press conference on Tuesday.
According to media reports, the Biden administration’s plan to restrict investments in China will be focused on cutting-edge technology and only new investments and likely won’t go into effect until next year.
It is said that the US officials are aiming to wrap up a proposal by the end of August, which could possibly prohibit investment in China’s semiconductor, quantum computing and artificial intelligence sectors. Other sectors, such as biotechnology and energy sectors, are not expected to be part of the restrictions.
Mao stated that it is in no one’s interest to place arbitrary curbs on normal technology cooperation and trade, violate the market economy principles and destabilize global industrial and supply chains.
“We hope that the U.S. will follow through on President Biden’s commitment of not seeking to “decouple” from China, halt China’s economic development or contain China and create a sound environment for China-U.S. economic cooperation and trade,” she added.