Rishi Sunak, the UK Prime Minister, is considering following Washington by imposing new limitations on domestic companies that invest in critical industries in China.
US President Joe Biden is preparing a plan that will limit the investments made by American companies in certain sectors of the Chinese economy. The plan has yet to be revealed.
“I believe the US has not published anything yet, but they are still formulating their thoughts on this space.” . . We are in dialogue with them. Sunak, who spoke to journalists Wednesday aboard the G7 plane heading for Japan and the G7 summit with global leaders, said that they are also thinking about policy in this area.
Sunak stated that the US has not “fully formed a view” and therefore, any joint action on tougher controls for western investments in China is still in the works.
The prime minister said: “In general terms, yes, we will definitely be discussing that.”
Sunak stated that the western allies will also discuss further export controls against China in Hiroshima, with “economic safety” being a high priority.
The Prime Minister said that western allies are “well aligned”, on their economic approach towards China, ahead of the G7 Summit, with “very similar dialogue” taking place as each country develops their strategy.
Sunak stated that “there’s a separate discussion to be had about export controls which we already have and you would expect this to be part of the conversation.”
Last year, Biden urged his administration not to overlook investment agreements with China that involved critical technologies like semiconductors.
The White House has indicated that it is considering creating an executive order for a screening system for US investments abroad. This is just one of the many attempts to make it more difficult for Beijing to acquire cutting-edge technologies.
Liz Truss’ predecessor, Sunak, made a controversial address in Taiwan on Wednesday, calling for Taiwan to be included in Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a trade deal between 11 countries, which the UK has recently joined in order to strengthen its economic ties with Asia.
She also asked Sunak if he would more clearly label China as a threat to the West.
Sunak claimed that he did not follow the details of Truss’s trip, but rejected the idea of Britain changing its foreign policy towards Taiwan. “I assure you that Britain’s approach to Taiwan has not changed over the years.”
When asked specifically if Taiwan should join CPTPP he responded that it was not necessary: “I believe we have an unofficial relationship as strong with Taiwan as do our allies.” Our position. . . “We will continue.”
James Cleverly , the foreign secretary of the UK, gave a speech at London in April, arguing that excluding China was not in Britain’s interest.
Cleverly stated, “It would seem obvious and even enjoyable for me to declare a new cold car or say that our aim is to isolate China.”
It would be simple, easy, satisfying, and wrong. It would be a betrayal to our national interests and a deliberate misunderstanding of modern life.