Dong Wenjie | Moment | Getty ImagesChina criticized President Joe Biden's long-awaited executive order regulating fresh U.S. investment in technology — but stopped short of issuing immediate counter measures.
"China expresses its grave concern and reserves the right to implement measures," the Chinese Commerce Ministry said in the statement, according to a CNBC translation.
Biden's order comes amid an escalating race for global technology supremacy.
watch now"This seriously deviates from the market economy and fair competition principles that the U.S. has always advocated," the Chinese Ministry of Commerce added.
The wording on Biden's executive order appears similar to a toned-down version of the initial Outbound Investment Transparency Act the Senate recently introduced.
Persons:
Dong Wenjie, Joe Biden's, Prasad, Janet Yellen
Organizations:
Images China, Chinese Commerce Ministry, Biden, CNBC, Chinese Ministry of Commerce, Cornell University, Treasury, Senate
Locations:
Shanghai, Asia, China, China , Hong Kong, Macao, U.S, Japan, Netherlands, Beijing