Hong Kong 'strongly rejects and disapproves' of new US policy to limit investment in China tech

The Hong Kong government has said it “strongly rejects and disapproves” of a new US policy to limit investment in Chinese technology.

The comment came after US President Joe Biden announced on Wednesday that he had signed an executive order restricting some US investment in China in sensitive high-tech areas such as artificial intelligence, semiconductors and quantum computing.

The new limits, expected to take effect next year, will also cover Hong Kong and Macau.

“The US’ unreasonable and restrictive measure on investment seriously violated the principles of market economy and fair competition, undermined international economic and trade order and jeopardised the economic and business interests of US businesses and the US,” a Hong Kong government spokesperson said in a statement released on Thursday night.

Hong Kong and the US also shared “close economic interaction” and US businesses had “vast business interests” in the city, the government said, adding that Washington should scrap the coming limits.

Hong Kong China flag patriotic — Hong Kong regional flags and the Chinese national flags. File photo: Kyle Lam/HKFP.

“It also created further uncertainties for global economic recovery and growth. The US should withdraw the unreasonable measure concerned,” the statement continued.

Following the US announcement, Beijing said on Thursday that it was “strongly dissatisfied and firmly opposes” the new restrictions.

“The US is using the name of national security to limit US enterprise investment in China…its real aim is to deprive China of our right to develop, and to maintain its hegemony and interests, this is blatant economic coercion and technological bullying,” the Chinese foreign ministry statement read.