Beijing has been unnerved by “useless” sanctions from the White House. China’s Communist party and the mass media are repeating like a mantra that the sanctions imposed by Washington have been in vain. Nevertheless, economic restrictions introduced step by step are actually eroding China’s economy.
In response to every batch of sanctions from Washington, China’s authorities insisted that the national economy was obviously benefiting from them. Notably, the last move of Washington triggered a sharp response from Beijing. US President Joe Biden announced that American companies would be banned from investing in Chinese hi-tech and defense firms. Chinese Ministry of Foreign Affairs spokesman Wang Wenbin commented vehemently that such restrictions from the White House proved Washington’s disrespect to the laws of the global market. Under the new executive order, US investors will be banned from buying or selling publicly-traded securities of a dozen of Chinese companies. Beijing’s top official slammed the decision to expand the list of these Chinese companies as well as demanded that the US President should withdraw the blacklist.
In early June, the US leader issued an executive order with the blacklist of 59 Chinese hi-tech and military companies which pose an immediate threat to the US national security, violate rights and liberties of ethnic minorities as well as spark off repression in the US society. The sanctions certainly hit communications giant Huawei, allegedly involved in the surveillance of citizens. The blacklist also includes China General Nuclear Power Corporation (CNNC) and Semiconductor Manufacturing International Corporation (SMIC), one of the world’s largest semiconductor producers.
