China’s Ministry of Commerce has voiced its اعتراض against a proposal by the US Treasury Department to expand and tighten restrictions on American investment in Chinese technologies.
Beijing called these intentions discriminatory and discrediting, Bloomberg reports.
The Chinese side stressed that such steps run counter to previous agreements between the presidents of both countries and would harm both bilateral economic co-operation and the interests of US companies themselves.
Beijing urged Washington to stop politicising economic issues, promising to monitor the situation closely and reserving the right to take reciprocal measures.
The latest escalation in relations came after the US administration proposed adding biotechnology to the list of sensitive sectors subject to investment restrictions on national security grounds.
The decision is another attempt by Washington to curb the development of China’s biotechnology sector. It could significantly complicate financial ties between the countries at a time when US pharmaceutical companies are increasingly working with China to develop new medicines.