中文
This is an editorial from China Daily.
The Joe Biden administration is reportedly intensifying its lobbying of the US business community for its support on an executive order to restrict US investment in China. The move aimed at curtailing Beijing's technological development and military modernization was originally expected to be finalized last year but it has been delayed.
Although the United States' investment in China only accounts for about 5 percent of its investment around the world, not only is it rapidly increasing but also the returns remain promising. No wonder about 75 percent of US enterprises operating in China said in a recent survey conducted by the American Chamber of Commerce in South China that they plan to increase their investment in the country.
That explains why the business community has given a cold shoulder to the draft rules the Biden administration has tried to foist on them for more than a year for their approval, which, if implemented, would directly affect their profit prospects.
Even the security and the economic departments of the Biden administration remain divided on the rules proposed by some China hawks early last year when the US economy was strong, and confrontation and decoupling were high on the administration's China policy agenda.
Pushing through such an executive order will deal a heavy blow to the US economy at a time when it is already under pressure.
China, as one of the most important investment destinations in the world, has always been popular with foreign investors who are eager to tap its huge market, and innovation and manufacturing potential. Despite the extremes Washington has gone to in a bid to bring US investment and enterprises out of China and back home or to other countries such as Vietnam since it unilaterally started a trade war with its largest trade partner, the US' investment in China has increased from $107.56 billion in 2018 to $189.1 billion last year.
It is only wishful thinking that the Biden administration thinks it can casually carry out surgical strikes on Chinese industries and companies. That China's exports still grew 8.4 percent in the first quarter, despite the 17-percent decline in exports to the US, shows the space China has explored, spurred by the US moves, to diversify its overseas markets.
All the executive order will do is harm the two countries' common interests, with the US bearing the brunt of it. The mounting resistance the Biden administration has met to the proposed executive order should prompt it to stop turning a blind eye to the contradictory nature of its China policy, which will ultimately corner the US itself.
To push through the executive order, which is nothing but a whim of some China-bashing politicians, will deal a heavy blow to the US economy, consumers and enterprises at a time when they are already reeling.
