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China on Wednesday condemned the U.S. decision this week to restrict investment in sensitive technology, adding it “reserves the right” to take its own measures.
New rules announced by the Treasury Department on Monday prohibit U.S.-based companies, citizens and permanent residents from doing business with China involving cutting-edge technology.
The restrictions, which stem from an executive order signed by US President Joe Biden last August, target investments in semiconductors, artificial intelligence (AI) and quantum computing, and go into effect on January 2. .
“China firmly opposes the US’s issuance of final rules on investment restrictions in China and has made strict representations to the US,” a spokesperson for the Chinese Ministry of Commerce said in a statement on Wednesday.
“The United States has generalized the concept of national security,” the statement said, calling the restrictions “a typical non-market practice.”
The statement warned that the rules would “hurt the interests” of companies in both China and the United States.
China “reserves the right to take measures,” it added.
The world’s two largest economies are embroiled in a battle for supremacy in cutting-edge technology, as relations between the United States and China are strained amid fraught economic and geopolitical conflicts.
The areas covered by recent U.S. regulations “lay the foundation for the development of next-generation military, surveillance, intelligence, and certain cybersecurity applications,” Paul Rosen, assistant secretary of the Treasury for investment security, said in a statement Monday. mentioned in.
Under the rules, investors will also be required to notify authorities about investments in some less advanced technologies that could threaten U.S. national security, the Treasury Department said.
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