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Wednesday, Nov 20, 2019

China to monitor US entities list, further open to foreign investment

Firms on the US “entity list” are barred from buying US parts and components without US government approval.

business Updated: Oct 22, 2019 19:28 IST
Reuters
Reuters
Reuters
A Chinese official commented that the existing trade fiction between US and China would be looked upon with ‘’an open mind and a  big heart’’,
A Chinese official commented that the existing trade fiction between US and China would be looked upon with ‘’an open mind and a big heart’’, (Reuters photo)
         

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, the Ministry of Industry and Information Technology (MIIT) said.

Firms on the US “entity list” are barred from buying US parts and components without US government approval.

Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will 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,” he told reporters during a briefing.

“We will not blindly emphasize ‘self-reliance’, and not decouple from the development of international industries.”