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.
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