China asks US to reconsider proposed curbs on biotech firms

Beijing called on Washington on Friday to respect market economy rules and stop disrupting the normal economic and trade cooperation between companies, following the United States Treasury Department's proposed restrictions on US investment in Chinese biotechnology sector.

The proposal, which, if finalized, would be the first restrictions on foreign investment in the pharmaceutical industry, prohibits transactions covering "certain bio-derived compounds or materials", biomanufacturing equipment and facilities, and technology related to biological design and sequencing, the Politico reported.

Overstretching the concept of national security, adopting discriminatory measures against specific countries, and restricting trade and investment activities serve neither side's interests, Foreign Ministry spokeswoman Mao Ning said on Friday.

China will closely follow the developments and will take any necessary measures to safeguard its lawful and legitimate rights and interests, Mao said, while urging the US to take concrete actions in keeping global supply chains stable.