Amidst the fluttering flags of China and the U.S. near The Bund, a trade delegation from the U.S. met with their Chinese counterparts in Shanghai on July 30, 2019.
Aly Song | Reuters
China’s Ministry of Commerce indicated on Thursday that it would respond appropriately to the executive order issued by the Biden administration, which aims to restrict U.S. investments in advanced Chinese technology.
In order to understand the impact of the order, the Ministry of Commerce has held meetings with businesses, according to spokesperson Shu Jueting. Shu’s statement was translated by CNBC.
“Based on this understanding, we are conducting a comprehensive assessment of the impact of the executive order. We will then take necessary countermeasures in response,” Shu said.
Last week, U.S. President Joe Biden signed an executive order that addresses concerns over national security by imposing restrictions on U.S. investments in Chinese semiconductors, quantum computing, and artificial intelligence companies.
The implementation of the executive order lies primarily with the Treasury, which is currently seeking public comments to shape a draft regulation.
When asked about U.S. Commerce Secretary Gina Raimondo’s planned visit to China, Shu declined to confirm a specific time but highlighted the ongoing close communication between the two countries.
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