China says it would welcome a visit by US commerce secretary after imposition of investment controls
China says it would welcome a visit by U.S. Commerce Secretary Gina Raimondo following the imposition of foreign investment controls by her agency that have stung numerous Chinese companies
BEIJING — China says it would welcome a visit by U.S. Commerce Secretary Gina Raimondo following the imposition of foreign investment controls by her agency that have stung numerous Chinese companies.
Chinese Commerce Ministry spokesperson Shu Jueting did not offer a date, but said the countries are in “close communication on arrangements,” according to reports Thursday.
Media have speculated that a visit could come as early as later this month. Raimondo last met her Chinese counterpart, Wang Wentao, in Washington in May to discuss trade.
President Joe Biden signed an executive order on Aug. 9 to block and regulate U.S. high-tech investment in China, reflecting the intensifying competition between the world’s two biggest economies.
The order covers advanced computer chips, micro electronics, quantum information technologies and artificial intelligence.
Senior administration officials said the effort is related to national security goals rather than economic interests and the categories it covers are intentionally narrow in scope. The order seeks to blunt China’s ability to use U.S. investments in its technology companies to upgrade its military while also preserving broader levels of trade that are vital for both nations’ economies.
Shu said China is conducting a “comprehensive assessment of the impact of the U.S. executive order” on U.S. foreign investment and will “take the necessary response measures based on the results of the assessment.”
The United States and China are increasingly locked in a geopolitical competition with
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