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  HOME | Business & Economy (Click here for more)

China Disappointed over US Restrictions on Chinese Investment

BEIJING – China’s Ministry of Commerce expressed on Thursday disappointment over restrictions to investments by Chinese companies in the United States due to national security reasons.

The statement follows a recent failed acquisition of US firm Moneygram by China’s Ant Financial, as well as an unsuccessful attempt at an agreement between American AT&T and Chinese Huawei.

The ministry’s spokesperson Gao Feng said in a press conference that they were not opposed to revision of security norms for foreign investment by other countries, but were concerned about restrictions on foreign investment on the pretext of national security.

Gao explained that China has noted an increase in protectionism by the US and stressed that they are firmly opposed to this practice.

The spokesperson then encouraged Chinese firms to go about their business rationally and legally and carry out investments, mergers and acquisitions, which are not only useful for its international development but also obey the laws of the market economy.

Moreover, he said that the US is actively trying to attract foreign investment and that many companies, including Chinese ones, have shown interest.

Last week, the US authorities refused to grant authorization to the acquisition by Ant Financial, part of the Alibaba group, of Moneygram on grounds of national security.

Earlier this week, the agreement between Huawei and AT&T for the distribution of the former’s mobile phones in the US also fell through over security concerns in Washington.

 

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