Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that Western countries continue to hype the topic of so-called “economic coercion” by China. Following the Group of Seven (G7), the United States and the European Union also plan to repeat some old expressions of “concern” about China at a meeting at the end of this month, promising to take “joint actions” against China in a number of different fields such as the economy and trade. U.S. Secretary of State Blinken, European Commission Executive Vice President Vestager and other senior officials will attend the fourth ministerial meeting of the U.S.–EU Trade and Technology Committee (TTC) in Luleå, Sweden from May 30 to 31. According to a draft statement about that meeting, the United States and the European Union intend to commit to continued coordination and cooperation in the field of export control and investment review, and to address the challenges posed by issues such as non-market policies and practices and economic coercion. The U.S. and the EU have expressed the concern that “certain countries” use economic coercion to “induce or influence” foreign government decisions or actions for their own strategic political or policy goals. The parties committed to holding regular talks to discuss how to prevent companies in their regions from using knowledge related to foreign investment to support the technology advancement of their strategic competitors. The announcement draft also includes a bilateral commitment by Washington and Brussels to coordinate export controls on “sensitive items,” including items with military uses and semiconductors. The Chinese Foreign Ministry Spokesperson said, in response to an inquiry, that the U.S.-led groups are not only “suppressing China,” but also depriving developing countries of their right to scientific and technological progress, hoping to forever suppress these countries at the low end of the industrial chain.
Source: Sina, May 14, 2023