Beijing appeals to US for fairness under investment law

BEIJING (AP) — China appealed to Washington yesterday not to misuse security concerns to hamper business activity after US President Donald Trump signed a law that expands the jurisdiction of an investment review panel.

The law signed on Monday by Trump expands the authority of a government security panel to scrutinize foreign investments. It was prompted by complaints Chinese companies were taking advantage of gaps in US law and improperly obtaining technology and possibly sensitive information.

“The US should treat Chinese investors objectively and fairly and avoid making a national security review an obstacle to Chinese-US enterprises’ investment cooperation,” said a Commerce Ministry statement.

The US security panel, known as CFIUS, reviews foreign acquisitions of American assets for possible security threats.

The legislation signed by Trump expands CFIUS jurisdiction to cover entities that might own a minority stake in a company that makes a purchase. It also gives CFIUS authority to prevent loss of sensitive personal information.

Germany and other governments complain their companies are barred from buying most Chinese assets at a time when China’s companies are in the midst of a multibilliondollar global acquisition spree.

AP A man walks by a poster depicting a mural of US President Donald Trump stating that all American costumers will be charged 25 percent more than others starting from the day Trump started the trade war against China, on display outside a restaurant in Guangzhou on Sunday.