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22.10.2019, 09:58

China will keep door open to foreign investment, global industry despite trade tensions

China will take steps to safeguard its interests, but won't close its door to foreign investment and the global industry despite trade frictions with the United States, a Chinese official said on Tuesday.

Earlier this month, before key Sino-U.S. trade talks, Washington decided to widen its so-called "entities list" to include some top Chinese artificial intelligence startups such as Megvii Technology and SenseTime Group.

Firms on the U.S. "entity list" are barred from buying U.S. parts and components without U.S. government approval due to national security concerns.

"We will look at the trade friction between China and the United States with an open mind and a big heart," said Huang Libin, a spokesman for the Ministry of Industry and Information Technology (MIIT), although China will also closely monitor the U.S. entities list.

China will further open sectors including telecommunications, internet and autos to foreign investment, but at the same time, the United States should respect trade rules and act with caution, Huang said.

"We will not blindly emphasise 'self-developed and controllable', and will not decouple from the development of international industries," Huang told reporters at a briefing.

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