June 25 (UPI) — China is crying foul after a report suggested the Trump administration is planning to impose restrictions against firms with at least 25 percent Chinese ownership from buying technology companies.
Beijing foreign ministry spokesman Geng Shuang said Monday trade between two of the world’s largest economies is in their best interest, and requested fair investment laws for Chinese companies in the United States.
“The essence of U.S.-China trade is cooperation in investment,” Geng said at a press briefing. “Chinese business investments have created many jobs and tax revenue in the United States … they also provided funds and markets so U.S. businesses can expand overseas.”
The Wall Street Journal reported Sunday the U.S. Treasury is devising new policy that would prevent firms where Chinese ownership is at least 25 percent from purchasing “industrially significant technology.”
President Donald Trump has raised concerns about China’s plan to strengthen high-tech industries like robotics, aerospace and computer chips, also known as Beijing’s “Made in China 2025” policy.
“We hope that the United States will be able to objectively look at the commercial activities of companies and create a fair and stable investment environment for Chinese companies,” Geng said.
Bloomberg reported Sunday Trump asked the Treasury to implement new measures against China back in March.
The administration could declare an economic emergency, or IEEPA, to justify the restrictions, according to the report.
The IEEPA statue would allow the president to unilaterally place limits on investment.