On October 23, Foreign Ministry spokesman Mao Ning presided over a regular press conference.
Reuters reporter asked that the US Treasury has proposed to include biotechnology in the list of investments prohibited under the US Foreign Investment Safety Program. This could limit US investments in Chinese biotechnology companies. What is the view of the Ministry of Foreign Affairs on this issue?
Mao Ning said that generalizing the concept of national security and adopting discriminatory measures against specific countries, as well as artificially restricting economic and trade investment activities, do not serve the interests of either side. The US should abide by the principles of a market economy, stop interfering in normal economic and trade cooperation between enterprises, and effectively maintain the stability of the global supply chain. China will closely monitor these developments and take necessary measures to protect its legitimate rights and interests.
According to Bloomberg's report dated October 22nd, the Trump administration is seeking to restrict U.S. investments in Chinese biotech companies. The report states that this move could complicate the financial relations between the two sides, given the increasing reliance of American pharmaceutical companies on China for new drugs.
The US Treasury proposed on that day to include biotechnology in the list of restricted technologies, under what is called “national security considerations”. According to this list, investments by the United States in countries that are considered “foreign adversaries” will be restricted.
Bloomberg reported that Chinese biotech companies have become a significant source of innovation in the pharmaceutical industry. American drug makers are increasingly turning to China as they seek new products to bolster their research pipelines, by licensing promising therapies from Chinese companies.
The report suggests that these restrictive measures may complicate investments by American companies in Chinese biotechnology firms, although the specific impact on cooperation in the pharmaceutical industry remains unclear.
Currently, the U.S. Treasury is seeking public input before issuing final rules. Until this process is completed, the relevant restrictions will not take effect.
