The U.S. Treasury Department recently released a new proposed rule on outbound investment restrictions.

For the first time, it brings biotechnology into the scope of investment controls targeting China.

Under the pretext of "national security,"it keeps expanding the scope, extending U.S. technological containment of China from export controls to cross-border capital and fields related to human health.

Biomedicine has the attributes of a global public good, and the industrial divisionsbetween China and the U.S. aredeeply intertwined.

The new rule forcibly cuts the innovation chain.

It has drawn widespread opposition from U.S. industry, which argues that it only adds regulatory uncertainty, and will ultimately weaken U.S. competitiveness and drive up drug costs for the public.

Investment is meant to be a two-way win-win. Administrative barriers cannot stop technological progress; they will only backfire on one's own innovation ecosystem.

Science and technology know no borders. Openness and cooperation are the right path for the development of life sciences.