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Protectionism self-harming

China Daily | Updated: 2017-09-19 08:01

Protectionism self-harming

Washington's recent blocking of a Chinese enterprise's bid to acquire a US semiconductor manufacturer has further aggravated concerns over the protectionism adopted by the United States.

According to a statement issued by the US Treasury Department, the acquisition of Lattice Semiconductor Corporation, a publicly-traded Oregon company, by Chinese-owned Canyon Bridge Fund could endanger the US government's use of the products the company produces.

The Trump administration has adopted an aggressive stance toward China on trade and national security matters and launched wide-ranging investigations into the national security ramifications of China's trade in aluminum and steel. However, any blocking of normal investment activities from other countries, including China, due to trumped up security concerns, is unhelpful not only to the US' economic development but also the global economic recovery. It also contradicts the mutually beneficial nature of Sino-US ties.

The fast growth in US investments by Chinese enterprises in recent years has helped increase the vitality of the US economy, expand employment and create revenues for the US. It is a country's right to scrutinize planned foreign investments in sensitive areas, but this should not be abused or used as a tool for protectionism. The artificial barriers to foreign investment raised by the US not only harm the US economy, but will also go against the interests of the US public.

As the world's two largest economies, China and the US shoulder the mission of pushing forward world economic development. At a time when global economic growth is lackluster, the US' adoption of protectionism is very shortsighted.

Investment from China should not be viewed as a Trojan horse. Instead, good economic and trade ties serve as both the ballast and engine of Sino-US relations. The US should take a long-term perspective and strengthen communication and cooperation with China to promote healthy and stable development of ties.

-XINHUANET.COM

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