American companies will lose the Chinese market

The restriction by the US authorities on the access of Chinese enterprises to advanced technologies will have a negative impact on the development of the US, whose companies will eventually lose the Chinese market.

“The Chinese side has repeatedly noted that the US authorities’ abstraction from the concept of national security, their abuse of export controls against China, and restrictions on bilateral investment undermine market rules and the international trade and economic order. Such actions will only result in American businesses losing the Chinese market and the United States harming its own interests,” said People’s Republic of China Ministry of Commerce official He Yadong.

Washington’s restrictions threaten the stability of global supply chains. “We are categorically against it. These measures are unable to stop China’s development and growth,” he added. “We hope that the relevant US departments will cooperate with us to effectively implement the important consensus that was reached on November 15 at the meeting of the leaders of the People’s Republic of China and the United States in San Francisco,” Yadong added.

As US Commerce Secretary Gina Raimondo said earlier at a forum organized by the Ronald Reagan Presidential Foundation in California, not all US chipmakers are happy with the sanctions Washington has imposed on Beijing, as the restrictions lead to lost profits . “But that’s life. The issue of protecting national security is more important than short-term profit,” she added.