as one that hurts "not only the legitimate rights and interests of Chinese companies, but also the interests of global investors, including US investors," said Wang Wenbin, spokesperson for China's Ministry of Foreign Affairs. Several of the companies that have been named in both orders have previously dismissed claims that they were tied to the Chinese military as groundless. Xiaomi even successfully lobbied against its inclusion on the Trump-era list, and in May this year the US Department of Defense and the smartphone maker reached an agreement to set aside the ban on the company. China counters Biden's Covid origins lab probe ... by calling for a US lab probe The move from Biden suggests that Washington isn't rushing to make amends with Beijing. Analysts have previously said that while Biden will likely strike a more predictable and diplomatic tone with China than Trump did, they don't expect the administration to ease up on tech and trade policy. The new order "moves the world a step closer to strategic decoupling in the global financial sector," said Alex Capri, a research fellow at Hinrich Foundation and a visiting senior fellow at National University of Singapore. He added that it "underscores the difficulty that American financial firms are going to have in the future, trying to sort out which of their investments have ties back to the Chinese state." Political clashes
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