China accused Washington on Thursday of trying to block its development after President Joe Biden stepped up a feud over technology and security by tightening controls on U.S. investments that might help Beijing develop its military.
The Foreign Ministry accused the Biden administration of pursuing “technology hegemony” and demanded Washington “immediately revoke its erroneous decision.” It warned that the latest restrictions in a spreading conflict over Beijing’s industrial development would hurt global supply chains.
An order signed by Biden on Wednesday targets advanced computer chips, microelectronics, quantum information technologies and artificial intelligence. The order says it wants to limit U.S. investment in industries that might help develop the ruling Communist Party’s military wing.
The order adds to restrictions that limit Chinese access to U.S. processor chips used in smartphones, artificial intelligence and other technology on security grounds. Dozens of Chinese companies that Washington says are linked to military modernization 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.