China’s Ministry of Commerce has signaled its intent to respond to the Biden administration’s executive order aimed at restricting U.S. investments in advanced Chinese technology. In a statement on Thursday, the ministry’s spokesperson, Shu Jueting, confirmed that they are assessing the impact of the order and will take necessary countermeasures based on the results of their assessment.
The executive order, signed by President Joe Biden last week, seeks to restrict U.S. investments in Chinese semiconductors, quantum computing, and artificial intelligence companies due to national security concerns. The Treasury is currently gathering public comments to draft regulations for the implementation of the order.
Meanwhile, when asked about U.S. Commerce Secretary Gina Raimondo’s plans to visit China, Shu declined to confirm a specific time but emphasized that the two countries are maintaining close communication.
The Ministry of Commerce has also been engaging with businesses to better understand the impact of the executive order, indicating their proactive approach to addressing the potential consequences. As tensions between China and the United States continue to rise, it remains to be seen how both nations will navigate their economic relationship moving forward.