Chinese Ministry of Commerce expressed concern on Thursday over US President Joe Biden’s signing of an executive order that blocks and regulates high-tech US based investments going towards China.
China Daily reported that Biden’s executive order will limit US investments in the fields of advanced computer chips, microelectronics, quantum information technologies and artificial intelligence due to so-called “national security” concerns.
The US has restricted outbound investment by its companies and is engaged in “decoupling and severing supply chains” in the investment field under the guise of “de-risking”, which has seriously deviated from the principles of market economy and fair competition advocated by the US side, and affected normal business decisions of enterprises, the ministry said.
Such moves have also undermined international economic and trade order, and seriously disrupted the security of global industrial and supply chains, it added.
“We hope that the US side respects the laws of the market economy and the principle of fair competition, and refrain from artificially impeding global economic and trade exchanges and cooperation, and from setting obstacles for the recovery and growth of world economy,” the ministry said.
Source: Kuwait News Agency