China has voiced concerns over President Joe Biden‘s recent executive order regulating U.S. technology investments overseas, CNBC reports.
The response from the Chinese Commerce Ministry came hours after Biden announced the decision to target “countries of concern” for national security reasons.
The ministry stated, “China expresses its grave concern and reserves the right to implement measures,” as per a CNBC translation.
Biden's new order is a part of the ongoing global tech race. It aims to limit U.S. investments and expertise in areas like semiconductors, microelectronics, quantum computing, and specific AI capabilities in China, Hong Kong, and Macao.
The Chinese Ministry of Commerce commented, "It affects the normal operation and decision-making of enterprises, undermines the international economic and trade order, and seriously disrupts the security of the global industrial and supply chains."
Previously, the U.S. had introduced rules to restrict chip exports to China and urged other nations to follow suit. However, U.S. Treasury Secretary Janet Yellen had assured transparency and targeted measures during her Beijing visit in July.
Image by blickpixel on Pixabay, Karolina Grabowska on Pexels and Osman Bugra Nuvasil on Shutterstock
Read Next: Joe Biden Announces Vietnam Visit To Counter Xi Jinping’s China Influence In Asia
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4 Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
