The tension between China and the U.S. flared up again as Beijing slammed President Joe Biden’s executive order that limits the investment of U.S. tech firms overseas.
The Chinese Commerce Ministry immediately made a strong response after the U.S. President signed the order to clamp down investment in China, specifically in the technology sector including semiconductors, quantum computing and certain artificial intelligence capabilities.
The extent of this executive order also covers Hong Kong and Macao.
Beijing stopped short of announcing a retaliation, but warned that it has the right to do so.
The Chinese Commerce Ministry added that this behaviour detaches from the market economy and also tarnishes fair competition principles that the U.S has always advocated.
He went on to criticize the order by saying that this will disrupt investment decisions of enterprises, international economies, trade and global supply chain.
