The United States’ new policies to limit investment in Chinese technology have prompted “solemn representations” from Beijing, according to the Chinese foreign ministry on Thursday.
An unnamed foreign ministry spokesman was quoted by AFP as stating in a statement posted online that “China is strongly dissatisfied and firmly opposes the United States’ insistence on introducing restrictions on investment in China.”
Beijing expressed “serious concern” and stated that the action “reserves the right to take measures” since it “seriously disrupts the security of global industrial and supply chains.”
The spokesperson continued, “President Joe Biden’s executive order seriously departs from the market economy and fair competition principles the US has always promoted, and affects businesses’ regular operating decisions, harms the international trade order, and seriously jeopardizes the security of global industrial and supply chains.”
During a multi-state trip of the Southwest on Wednesday, President Joe Biden took action to limit US investment in Chinese technology while promoting his efforts to revitalize American manufacturing after decades of decline.
With respect to sensitive high-tech industries including semiconductors, quantum computing, and artificial intelligence (AI), the executive order instructs the Treasury Department to limit certain US investments in China.
The limitations, which should go into effect in 2019, come as Biden’s administration seeks to strengthen its position in relation to China on a number of fronts, including military, economic, and technological ones.
They also occur as the 80-year-old Democrat intensifies his campaign for reelection in 2024, focusing on the economy and jobs, two crucial concerns in the race for the White House.
As the presidential order was made public, Biden was pleading with voters to support his “Bidenomics” platform while delivering a speech in New Mexico touting his administration’s achievements in increasing manufacturing employment in the renewable energy sector.
He proclaimed, “Our plan is working,” as he broke ground on a plant that would build wind turbine towers for the Arcosa group in Belen, resulting in the creation of 250 new employment.
(the contributions of agencies)