China will protect US firms’ interests
Print Edition
CHINA has reaffirmed a commitment to protect the legitimate interests of foreign businesses after calls in the United States for new cybersecurity regulations to be overturned.
“The Chinese government will protect the legitimate interests of foreign companies in accordance with law,” foreign ministry spokesman Hong Lei told a daily press briefing yesterday.
The new regulations would require technology vendors working with Chinese banks to hand over source code and adopt Chinese encryption algorithms.
The US Chamber of Commerce and 16 other US business lobbies have called on the White House to overturn the regulations in a letter sent to US Secretary of State John Kerry, US Trade Representative Michael Froman and other officials.
Hong stressed China’s adherence to the “win-win strategy” of opening up, saying it had resulted in the wide application of information and communication technology and promoted economic and social development in the country.
“That also creates a huge market for the companies from the United States and other countries,” Hong said.
“China welcomes and supports foreign companies expanding their market share in China,” Hong said, calling on them to jointly research and produce with Chinese firms.
However, US business lobbies say the rules would “hurt” market opportunities abroad and jobs in the US.
In the letter, they said the new rules raised questions about China’s international trade commitments.
“(We) request your immediate action to work with Chinese officials to reverse an alarming number of troubling, new Chinese government policies impacting the information and communications technology sector,” said the letter.
Cybersecurity has been a significant irritant in US-China ties, with both sides accusing the other of abuses. US tech groups wrote to the Chinese administration about the same policies on January 28.
The policies would have a “significant negative impact” on US information and communications technology companies’ market opportunities in China and ultimately crimp investment in research and development back home, hurting US jobs, the groups said.
US manufacturers would also suffer as the policies would restrict cross-border data flows and create another market barrier for foreign financial services and telecommunications companies, said the letter, which was also signed by the National Association of Manufacturers.
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