CHINA is seriously concerned and reserves the right to take measures in response to U.S. President Joe Biden signing an executive order Wednesday that will block and regulate U.S.-based high-tech investments going toward China, the Ministry of Commerce said in a statement on its official website Thursday. Biden’s executive order will limit U.S. investments in the fields of advanced computer chips, micro electronics, quantum information technologies and artificial intelligence due to so-called “national security” concerns. The U.S. 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 U.S. 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 U.S. 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. Biden signed an executive order Wednesday that would block U.S. high-tech investments in China though Washington has repeatedly stated it has no interest in “decoupling” from China. The executive order also requires U.S. venture capitalists and other investors to notify the Treasury of prospective investment into Chinese companies for developing technologies in the targeted sectors. The order is expected to go into effect following a 45-day comment period. Having been planned for months, the order is widely considered to be another step to suppress China’s technological progress under the pretext of national security as the U.S. doubles down on its high-tech rivalry with China. (Xinhua, China Daily) | 