China has right to take measures as U.S. restricts tech investment

2023-08-10 Editor : Li Yan ECNS App Download

China is seriously concerned and reserves the right to take measures in response to U.S. President Joe Biden signing an executive order on Wednesday that blocks and regulates high-tech U.S.-based investments going toward China, according to the Commerce Ministry of China on Thursday.

Biden's executive order will designate China as a "country of concern", and it will limit American investments in three categories of national security technologies: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems, according to the U.S. Treasury Department, Xinhua reported.

The rules are expected to go into effect following a 45-day comment period.

The U.S. has restricted overseas investment by its companies and engaged in "decoupling and chain cutting" in the investment field under the guise of "de-risking". This has seriously deviated from the principles of market economy and fair competition advocated by the U.S. side, affected the normal business decisions of enterprises, undermined the international economic and trade order, and seriously disrupted the security of global industrial and supply chains, the Ministry said.

We hope that the U.S. 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, and refrain from setting obstacles for the recovery of world economic growth, the Ministry said in a statement on its official website.


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