EO Barring Investments 'Abuses State Power,' China Says

China is “firmly opposed” to President Joe Biden’s executive order bolstering prohibitions on U.S. investments in China’s military-industrial complex (see 2106030067), a Foreign Affairs Ministry spokesperson said June 4. “The U.S. government uses the catch-all concept of national security and abuses state power to suppress and restrict Chinese enterprises in all possible means,” he said during a regular press conference, according to a Ministry-provided transcript. Presidential EOs have “harmed not only the legitimate rights and interests of Chinese companies, but also the interests of global investors, including U.S. investors,” the spokesperson said. The White House didn’t comment. Biden’s EO prohibits U.S. “persons” from trading in the securities of 59 Chinese entities, effective Aug. 2 at 12:01 a.m. EDT.