China is considering countermeasures to Biden’s executive order

Finance

Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019.
Aly Song | Reuters

BEIJING — China’s Ministry of Commerce signaled Thursday it would respond, if needed, to the Biden administration’s executive order to restrict U.S. investments in advanced Chinese technology.

China’s Ministry of Commerce has met with businesses to understand the order’s impact, spokesperson Shu Jueting said in Mandarin, translated by CNBC.

“On that basis, we are making a comprehensive assessment of the executive order’s impact, and will take necessary countermeasures based on the assessment’s results,” Shu said.

U.S. President Joe Biden last week signed an executive order aimed at restricting U.S. investments into Chinese semiconductors, quantum computing and artificial intelligence companies over national security concerns.

The Treasury is mostly responsible for implementation, and is currently gathering public comments in order to form a draft regulation.

When asked about U.S. Commerce Secretary Gina Raimondo’s plans to visit China, Shu declined to confirm a time, but said the two countries remained in close communication.

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