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China-US: China accused the United States on Thursday (August 10) of attempting to block its development after President Joe Biden stepped up a feud over technology and security by tightening controls on US investments that might help Beijing develop its military.
The Foreign Ministry accused the US of pursuing “technology hegemony” and demanded Washington “immediately revoke its erroneous decision”.
It warned that the latest restrictions in a widening conflict over Beijing’s industrial development would hamper supply chains globally.
Biden signed an order on Wednesday that targets advanced computer chips, microelectronics, quantum information technologies, and artificial intelligence.
According to the order, it intends to limit the US investment in industries that may help develop the ruling Communist Party’s military wing.
The order adds to restrictions that limit Chinese access to US processor chips used in smartphones, artificial intelligence and other technology on security grounds.
Vicarious Chinese companies that the US says are linked to military modernisation are barred from American financial markets.
Washington’s “true purpose is to deprive China of its development rights and maintain its own hegemony,” the Foreign Ministry said.
The Ministry of Commerce said in a separate statement that China will “resolutely safeguard its own rights and interests”. However, it gave no indication of a possible retaliation.
China previously has made similar comments after previous US trade restrictions, however, it usually does not take action.
At a fundraiser for his reelection campaign in Utah on Thursday, Biden mentioned the issue, saying “we have China to deal with” and calling that country “a ticking time bomb in many cases” while also making it clear he wasn’t looking for a fight.
“They’ve got some problems. And that’s not good because when bad folks have problems they do bad things,” Biden said.
(With AP inputs)
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