China voices firm opposition to US proposal to expand outbound investment curbs

BEIJING, Oct. 24 (Xinhua) -- China on Saturday expressed "grave concern" and "firm opposition" to a recent U.S. Treasury proposal that would expand and intensify restrictions on outbound investment in China, calling it a discriminatory move and a typical practice of overstretching the concept of national security.

Photo taken on April 4, 2018 shows the entrance to China's Ministry of Commerce in Beijing. (File photo: Xinhua)

A spokesperson for China's Ministry of Commerce made the remarks in reply to a media query on the U.S. Treasury's proposed updates to the outbound investment security program, which are open for public comment.

The proposed rules "run counter to the important consensus reached by the two heads of state, disrupt normal economic and trade cooperation between Chinese and U.S. enterprises, and undermine the international economic and trade order," the spokesperson said.

China will closely follow further developments and reserve the right to take corresponding measures, the spokesperson noted.

"U.S. restrictions on investment in China would not only harm China-U.S. economic and trade cooperation but also hurt the interests of U.S. firms," the spokesperson said, noting that investing in China is investing in the future as the country boasts immense consumption and investment potential with its super-large market.

China urges the U.S. side to respect market economy principles, stop overstretching the concept of national security, stop politicizing and weaponizing economic and trade issues, and create a sound environment for bilateral economic and trade cooperation, according to the spokesperson.