China to keep door open to foreign investments despite trade tensions

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The Chinese government says it will take measures to safeguard its interests but will keep the door open to foreign investment and global industry despite trade tensions with the United States.

The country’s spokesmsn for the Ministry of Industry and Information Technology (MIIT) Huang Li-bin said that China would further open up the telecommunications, internet and auto sectors to foreign investment.

“We will look at the trade friction between China and the United States with an open mind and a big heart,”

“However, China will closely monitor the US “entity list”, which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests,

“We will not blindly emphasise ‘self-developed and controllable’ and will not decouple from the development of international industries,” Huang told reporters at a briefing.

Earlier this month, before key trade talks between US and China, Washington decided to widen its “entities list” to include some top Chinese artificial intelligence startups such as Megvii Technology and SenseTime Group.

Firms on the US “entity list” are barred from buying US parts and components without US government approval due to national security concerns.

The trade war with the United States has prompted China to minimize “Made in China 2025” – the state-backed industrial policy aimed at catapulting China up the global technological value chain.

Peace PIAK