Sun Xiao, spokesperson for the China Council for the Promotion of International Trade (CCPIT), on August 30, 2023 Photo: courtesy of CCPIT

US investment restrictions on key technology sectors in China will undermine industries that are highly dependent on the global division of labor and a free and fair international economic order, China's trade promotion agency said on Wednesday.

"What the US has done is a typical act of market intervention, undermining competition and suppressing the industrial development of other countries, which is not in line with the principles of non-discrimination, fairness and free trade of the WTO," Sun Xiao, a spokesperson for the China Council for the Promotion of International Trade (CCPIT), said on Wednesday during a regular press conference.

A free and fair international economic order, the stable global division of labor and cooperation are the common aspirations and interests of the global business community. The CCPIT called on the US to respect the laws of the market economy and the principle of fair competition, and take concrete actions to safeguard the security and stability of the global industrial chain, said Sun.

On August 9, the US government banned American entities from investing in China in the fields of semiconductors, microelectronics, quantum information technology and artificial intelligence.

China's Ministry of Commerce has said that China has grave concerns and reserves the right to "take necessary measures."

According to the CCPIT, global trade friction and trade barriers against China were mainly concentrated in the electronics, mechanical equipment and light industry sectors in the first half of 2023. 

Seen from the trade friction index of the CCPIT, India, the US and the EU were the major countries or regions that triggered global economic and trade friction in the first half of 2023. 

In the first half of 2023, trade remedy measures announced by various countries and regions grew about 50 percent year-on-year, and India, the US and Canada were the main initiators of China-related trade remedy measures.

The US and its allies are imposing barriers in areas such as trade, science and technology, analysts said, while in an obvious contrast, China is providing the world with platforms for economic development, such as the upcoming China International Fair for Trade in Services and the first supply chain-themed expo - China International Supply Chain Expo, scheduled from November 28 to December 2.

Global Times