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

China criticized President Joe Biden's long-awaited enforcement order regulating caller U.S. concern successful exertion — but stopped abbreviated of issuing contiguous antagonistic measures.

The Chinese Commerce Ministry issued a beardown effect aboriginal Thursday successful Asia, hours aft Biden signed disconnected connected the measurement targeting "countries of concern" connected the ground of nationalist security.

"China expresses its sedate interest and reserves the close to instrumentality measures," the Chinese Commerce Ministry said successful the statement, according to a CNBC translation.

Biden's bid comes amid an escalating contention for planetary exertion supremacy. Rather than an outright ban, the measures are aimed astatine limiting U.S. concern and expertise successful semiconductors and microelectronics, quantum computing and definite artificial quality capabilities successful China, Hong Kong and Macao.

"This earnestly deviates from the marketplace system and just contention principles that the U.S. has ever advocated," the Chinese Ministry of Commerce added. "It affects the mean cognition and decision-making of enterprises, undermines the planetary economical and commercialized order, and earnestly disrupts the information of the planetary concern and proviso chains."

In October, the U.S. launched sweeping rules aimed at cutting disconnected exports of cardinal chips and semiconductor tools to China, lobbying large chipmaking nations specified arsenic Japan and the Netherlands to bash the same.

In July though, U.S. Treasury Secretary Janet Yellen assured her Chinese counterparts during her sojourn to Beijing, saying that immoderate curbs connected U.S. outbound investments would beryllium "transparent" and "very narrowly targeted."

The wording connected Biden's enforcement bid appears akin to a toned-down mentation of the archetypal Outbound Investment Transparency Act the Senate precocious introduced. Instead of an outright ban, the revised wording requires U.S. firms to notify the Treasury erstwhile investing successful precocious Chinese exertion connected nationalist information concerns.

— CNBC's Evelyn Cheng contributed to this story.

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