Biden EO ‘Abuses State Power' for Barring China Investments: Chinese

China is “firmly opposed” to the executive order President Joe Biden signed Thursday, bolstering prohibitions on U.S. investments in China’s military-industrial complex, said a Foreign Affairs Ministry spokesperson Friday. “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. 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,” said the spokesperson. 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.