China warns of countermeasures over expanded US investment curbs on biotech
A Chinese official stated that it “firmly opposes” a US Treasury proposal to expand the scope and increase the severity of restrictions on US investment in China, calling it discriminatory and “a typical example of an overly broad application of national security concerns,” Bloomberg reported over t
A Chinese official firmly opposes a US Treasury proposal to broaden restrictions on US investment in China, describing it as discriminatory and a broad misuse of national security concerns, according to Bloomberg. China's Commerce Ministry warned that the rule would harm economic ties between the two nations and stated China has the right to take corresponding actions, though it did not specify what these might be.
The US Treasury's proposal expands the Outbound Investment Security Program, tightening limits on investment in biotechnology, hypersonics, quantum, high-performance computing, supercomputing, and AI in China, Russia, and North Korea. Following this announcement, the China-proxy Australian Dollar (AUD) declined slightly, with the AUD/USD pair falling 0.09% on the day to 0.7028.
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