China slams US executive order limiting investment in China tech

 

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China is gravely concerned about the executive order blocking US investment in some Chinese businesses, adding that it reserves the right to take measures, said China’s Ministry of Commerce on Thursday.

US President Joe Biden on Wednesday signed the executive order in a move to limit US companies’ investments in China’s semiconductors and microelectronics, quantum information technology and certain artificial intelligence systems. 

The US imposing limits on its own companies investing abroad is an act of decoupling and severing industrial and supply chains under the guise of de-risking in the investment sector, the ministry said.

The move “undermined international trade” and “severely disrupted the security of global industrial and supply chains”, said the ministry.

The act gravely deviates from the principles of market economy and fair competition advocated by the US, affects the normal business decisions of enterprises, undermines the international economic and trade order, and seriously disrupts the security of global industrial and supply chains, it said.

China is seriously concerned about it and reserves the right to take measures, according to the spokesperson.

“We hope that the US side will respect the laws of market economy and the principle of fair competition, refrain from artificially impeding global economic and trade exchanges and cooperation, as well as setting obstacles for the recovery of world economic growth,” it said.