China slams ‘unfathomable absurdities’ in US trade controls as it ramps up its own high-tech drive

China slams ‘unfathomable absurdities’ in US trade controls as it ramps up its own high-tech drive - Business and Finance - News

Chinese Foreign Minister Wang Yi Slams US “Bewildering” Trade Policy and Unilateral Sanctions

At a press conference on Thursday, during the ongoing political gathering in Beijing, China’s top diplomat, Foreign Minister Wang Yi, criticized the United States for its “bewildering” trade policy and unilateral sanctions against China. He accused the US of attempting to suppress China’s development and questioned its confidence as a major country when it denies other nations their legitimate growth opportunities.

China’s High-Tech Development in the Face of US Sanctions

Wang was responding to a question regarding China’s trade with the US and technological restrictions. He expressed concern over Washington’s persistent efforts to limit China’s access to high-end technology and keep it at the lower end of the value chain. The US administration has been narrowing the types of semiconductors that American companies can sell in China to prevent the use of advanced technology in China’s military.

Historical Context: Recent US Sanctions Against China

The US has imposed sanctions on various Chinese actors for a range of issues, such as human rights abuses in Xinjiang, the illicit fentanyl trade, and supporting Russia’s invasion of Ukraine. The White House has been increasingly cautious about allowing American technology to be used in China, citing national Website security concerns.

Improvements in US-China Relations Following Biden-Xi Summit

Despite the tensions, Wang acknowledged that there have been some improvements in China-US relations following a summit between US President Joe Biden and Chinese leader Xi Jinping in San Francisco in November 2022. He urged Washington to collaborate with Beijing to restore the relationship to a stable, sound, and sustainable state of development.

China’s Emphasis on Self-Reliance and Strength in Science and Technology

Bolstering self-reliance and strength in science and technology has been a significant theme during the “two sessions” ongoing political gathering this week. China boosted its annual budget for science and technology by 10% to an unprecedented 370.8 billion yuan ($51.6 billion), representing the largest increase since 2019 following years of minimal growth.

Ongoing Developments

This is a developing story and will be updated as more information becomes available. Stay tuned for further details on the US-China relationship and China’s science and technology investments.