China urges US to respect market economy, fair competition over reported new export restrictions

BEIJING, Nov. 28 (Xinhua) -- China on Thursday urged the United States to respect the laws of the market economy and the principles of fair competition, saying it firmly opposes discriminatory restrictions against Chinese firms by overstretching the concept of national security and abusing export-control measures.

Ministry of Commerce Spokesperson He Yadong made the remarks at a press conference when asked to comment on reports suggesting that the Biden administration is planning to introduce new export restrictions targeting up to 200 Chinese semiconductor firms.

"Such actions severely damage the international economic and trade order, disrupt the security and stability of the global industrial and supply chain, and harm the interests of businesses in both China and the United States, as well as the global semiconductor industry," He said.

"If the U.S. side insists on escalating its restrictions, China will take the necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises," the spokesperson warned.

In a separate exchange, He also reiterated China's consistent stance against unilateral tariff measures.

"We urge the U.S. side to adhere to WTO rules and work with China on the basis of mutual respect, peaceful coexistence and mutually beneficial cooperation to ensure the stable and sustainable development of China-U.S. economic and trade relations," the spokesperson said.