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China sharply rebuked President Joe Biden's long-awaited executive order that limits U.S. investment in technology — but stopped short of issuing immediate counter measures.
The Chinese Commerce and Foreign Affairs ministries issued strong responses on Thursday, just hours after Biden signed off on the measure targeting "countries of concern" on the basis of national security.
"China is strongly dissatisfied with and resolutely opposed to the U.S.'s insistence on introducing restrictions on investment in China," the Foreign Affairs Ministry said in a statement, according to a CNBC translation. "This is blatant economic coercion and technological bullying."
The Chinese Embassy in Washington called the move by the Biden administration another attempt to "politicize and weaponize trade" between the world's two largest economies.
"The latest investment restrictions will seriously undermine the interests of Chinese and American companies and investors, hinder the normal business cooperation between the two countries and lower the confidence of the international community in the U.S. business environment," wrote Liu Pengyu, spokesman of the Chinese Embassy in Washington, in a statement to CNBC.
He added that Beijing will closely follow the situation and called on Biden to stop attempting to "halt China's economic development or contain China."
The Chinese Commerce Ministry called upon the U.S. to "respect the market economy and the principles of fair competition" and to "refrain from artificially hindering global trade and creating obstacles that impede the recovery in the global economy."
www.cnbc.com
- Biden warned in the executive order that certain American investments may contribute to “the development of sensitive technologies and products in countries that develop them to counter United States and allied capabilities.”
- China says the order "seriously disrupts the security of the global industrial and supply chains."
- Beijing stopped short of immediately issuing counter measures, but said it "reserves the right" to respond.
China sharply rebuked President Joe Biden's long-awaited executive order that limits U.S. investment in technology — but stopped short of issuing immediate counter measures.
The Chinese Commerce and Foreign Affairs ministries issued strong responses on Thursday, just hours after Biden signed off on the measure targeting "countries of concern" on the basis of national security.
"China is strongly dissatisfied with and resolutely opposed to the U.S.'s insistence on introducing restrictions on investment in China," the Foreign Affairs Ministry said in a statement, according to a CNBC translation. "This is blatant economic coercion and technological bullying."
The Chinese Embassy in Washington called the move by the Biden administration another attempt to "politicize and weaponize trade" between the world's two largest economies.
"The latest investment restrictions will seriously undermine the interests of Chinese and American companies and investors, hinder the normal business cooperation between the two countries and lower the confidence of the international community in the U.S. business environment," wrote Liu Pengyu, spokesman of the Chinese Embassy in Washington, in a statement to CNBC.
He added that Beijing will closely follow the situation and called on Biden to stop attempting to "halt China's economic development or contain China."
The Chinese Commerce Ministry called upon the U.S. to "respect the market economy and the principles of fair competition" and to "refrain from artificially hindering global trade and creating obstacles that impede the recovery in the global economy."
'Blatant economic coercion': China slams Biden's order limiting U.S. overseas tech investment
"This seriously deviates from the market economy and fair competition principles that the U.S. has always advocated," the Chinese Ministry of Commerce said.
