China will monitor U.S. entities list, further open to foreign investment

China will closely monitor the U.S. "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said. Firms on the U.S. "entity list" are barred from buying U.S. parts and components without U.S. government approval.

Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment. "We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing.

"We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

Also Read: EMERGING MARKETS-U.S.-China trade angst, Turkish geopolitics hit EM assets