A day after the U.S. imposed restrictions on investment in high-tech industries in the People’s Republic of China, China has released an 85-page report outlining U.S. violations of World Trade Organization (WTO) rules.
Released today in both Chinese and English, the Chinese Ministry of Commerce’s “Report on the Implementation of U.S. WTO Obligations” details U.S. tariff and non-tariff barriers and industrial and agricultural subsidies in sectors such as automobiles, semiconductors, and clean energy, as well as instances of intellectual property rights infringement and export controls.
“As the largest developing country in the WTO, China has upheld the multilateral trading system and fulfilled its commitments to the WTO since joining in 2001,” the Chinese Ministry of Commerce said, adding that “the United States has disrupted global industrial chains and supply chains with its unilateral trade bullying and double standards on industrial policy.”
China’s state-run China Central Television (CCTV) upped the ante, saying that “the United States is the country with the highest number of dispute settlements initiated by WTO members,” and that “the United States is a destroyer of the multilateral trading system that has not only selectively enforced WTO decisions but also interfered with the selection of members of the Appellate Body, paralyzing the WTO dispute settlement process.” “China hopes that the United States will take this opportunity to correct its misbehavior and uphold WTO rules to safeguard the multilateral trading system,” the statement said.
Earlier, U.S. President Joe Biden issued an executive order at 9 a.m. local time restricting U.S. capital, including private equity and venture capital, from investing in three sectors in China: advanced semiconductors, quantum computing, and artificial intelligence (AI).
Accordingly, companies seeking to invest in China in these sectors will be required to declare their investment plans in advance, and U.S. Treasury Secretary Janet Yellen will have regulatory authority, 먹튀검증토토사이트 including investment bans.