IN the early morning of Thursday, United States President Joe Biden signed a new executive order aimed at regulating new US investments and expertise that supports China’s development on sensitive technologies.
The new executive order targets investment in semiconductors, microelectronics, quantum computing, information technologies, and artificial sectors in China.
According to Biden, certain American investments may contribute to what he says is the development of sensitive technologies and products in countries that develop them to counter US and allied capabilities.
“I find that countries of concern are engaged in comprehensive, long-term strategies that direct, facilitate, or otherwise support advancements in sensitive technologies and products that are critical to such countries’ military, intelligence, surveillance, or cyber-enabled capabilities,” USA, President Joe Biden, said.
The new executive is expected to be implemented next year.
It will also require outbound US investors to provide notifications to the US Treasury Department.
The measure also calls Treasury Secretary Janet Yellen to define sensitive technologies and products in these categories for purposes of the prohibition and the notification requirement.
US real aim is to deprive China of the right to develop—Foreign Ministry
Meanwhile, China slammed the United States’ actions, saying that it strongly deplores and firmly opposes the single-minded announcement of restrictions on investments in Beijing by Washington and has made serious demarche to the US side.
A Spokesperson for the Chinese Foreign Ministry said that Washington’s move to restrict US companies investment in China with national security as a front is a clear act of overstretching the concept of security and politicizing business engagement.
The Ministry Spokesperson further said,
“This is blatant economic coercion and tech bullying, an act that seriously violates the principles of market economy and fair competition, undermines the international economic and trading order, destabilizes global industrial and supply chains and hurts the interests of both china and the US and the global business community. This is de-globalization and a move to phase china out”.
“This is blatant economic coercion and tech bullying, an act that seriously violates the principles of market economy and fair competition, undermines the international economic and trading order, destabilizes global industrial and supply chains, and hurts the interests of both China and the US and the global business community. This is de-globalization and a move to phase China out,” Chinese Foreign Ministry, added.
China’s Foreign Ministry also reminded that Biden made a commitment to not seek to decouple from China or reduce China’s economic development.
China says US selfishly pursues supremacy at expense of others
To this, China urges the US to follow through with their commitment and to stop politicizing, instrumentalizing, and weaponing technology and trade issues.
China said it will closely follow the developments of Biden’s new executive order and that it will resolutely safeguard its rights and interests.
