China accuses the US of suffering from “paranoid delusions” after the US Senate approved huge investments to reduce the economic power of the People’s Republic, especially in technology.
The Beijing parliament’s foreign affairs committee has called the US plans to interfere in China’s internal affairs. She is working on countermeasures to be put to the vote on Thursday.
According to the committee, it is the right of every country to develop economically with the help of technology. The US wants to allocate 200 billion euros in the coming years for intensive research and new technologies.
The Senate was remarkably united on Tuesday because both Democrats and Republicans are convinced that, in their view, aggressive China threatens to overtake America in economic, technological and military fields.
Shortly before his trip to Europe, President Joe Biden expanded the list of Chinese companies in which investments are prohibited under existing sanctions from 48 to 59 companies. The US and the EU, among other things, impose sanctions against Chinese companies that have to do with the repression of the Uyghur minority in northwest China. They also protect their markets from certain foreign products or services.
China’s parliament plans to respond on Thursday to the growing number of punitive measures the US and EU are taking against China’s expansion. According to the parliamentarians, there will be “a special law against foreign sanctions”.
It is not yet known exactly what they have in mind, but Chinese companies may soon be able to claim damages from foreign parties in Chinese courts for losses as a result of sanctions. It may also involve trade sanctions against other countries or the exclusion of foreign companies from the Chinese market.