WASHINGTON, D.C. – The following is attributable to the U.S. Chamber of Commerce.
“We are closely monitoring the heightened official scrutiny of U.S. professional services and due diligence firms in China. The services these firms provide are fundamental to establishing investor confidence in any market, including China.
“In the context of China’s new Counter Espionage Law, which casts a wide net over the range of documents, data or materials considered relevant to national security, the additional scrutiny of firms providing essential business services dramatically increases the uncertainties and risks of doing business in the People's Republic. This is a matter of serious concern for the investor community and likely is as well for their local business partners in China.
“The U.S. Chamber of Commerce welcomes the recent statements of senior Chinese officials regarding their commitment to greater openness and desire to attract more foreign investment. However, foreign investment will not feel welcomed in an environment where risk can’t be properly assessed and legal uncertainties are on the rise.
“We encourage the Chinese government to consult with the foreign business community on the revised law and then issue implementing regulations that provide reasonable clarity and address the practical questions investors have.”
