Despite blocking Meta’s Manus deal, China says ‘door open’ to foreign tech investment
While reaffirming Beijing’s openness, the NDRC also stressed its support for home-grown AI and semiconductor industries
China’s top economic planner denied pressuring domestic tech companies to turn down foreign investment amid rising concerns sparked by its recent blocking of Facebook owner Meta Platforms’ proposed buyout of Chinese-founded AI start-up Manus.
“We have never required Chinese tech firms not to accept foreign investment,” Li Chao, spokesman for the National Development and Reform Commission (NDRC), said at a press conference on Friday. “We support Chinese firms to integrate into the global innovation network and engage in mutually beneficial international collaboration.”
Li’s comment was in response to a question about China’s reported plan to ask tech firms to turn down US capital. Bloomberg reported in April that Chinese regulators, including the NDRC, were planning to restrict China’s top AI firms and other tech companies from accepting US capital without government approval.
The concerns arose after the NDRC announced in late April that it had blocked Meta Platforms’ proposed purchase of Manus, an AI start-up officially registered in Singapore but that developed its products in mainland China. The regulator asked the parties involved in the deal to cancel the transaction.