Chinese Vice Foreign Minister Xie Feng was quoted by the South China Morning Post
(November 3) as calling for cooperation with foreign firms, denouncing the US Chips Act and
reassuring business leaders that “opening up” to overseas markets remains a national objective,
while speaking to foreign businessmen in Beijing on November 2. In an apparent criticism of
Washington’s China-targeted Chips and Science Act, which offers financial incentives to tech
companies that make semiconductor investments on American soil, Vice Foreign Minister Xie
Feng described efforts to suppress China as “counterproductive”. He said “Presently, some
countries are keen to forge small circles, instigate ‘decoupling’, build ‘small courtyards with
high walls’, implement ‘friend shoring’, establish ‘chip alliances’, weave exclusive economic
frameworks, and vainly attempt to gang up to contain and suppress China.” Pointing to Tesla
and Volkswagen's recent investments in China, Xie Feng said “This fully reflects that people
from all walks of life, including the business community, have sharp eyes, that the market’s
principles are powerful, and that the concept of win-win cooperation is deeply rooted in the
hearts of the people.”
(Comment: Xie, who specialises in US-China relations previously headed the office of the
Chinese foreign ministry in Hong Kong.)
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