China slams Biden's order limiting U.S. overseas tech investment

📆 8/9/2023 8:10 PM
📰 CNBC

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'This seriously deviates from the market economy and fair competition principles that the U.S. has always advocated,' the Chinese Ministry of Commerce said.

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.”Beijing stops short of immediately issuing counter measures, but said it "reserves the right" to respond.

regulating fresh U.S. investment in technology — but stopped short of issuing immediate counter measures. "China expresses its grave concern and reserves the right to implement measures," the Chinese Commerce Ministry said in the statement, according to a CNBC translation.

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