China welcomes Nvidia’s stay and pledges to improve environment for foreign companies

China welcomes Nvidia’s presence and aims to create a better business environment for foreign companies, its vice minister of commerce told an executive of the U.S. chipmaker at a meeting in Beijing on Monday.

Wang Shouwen’s meeting with Nvidia’s Jay Puri comes as the Biden administration is poised to unveil new export restrictions on China aimed at further limiting Chinese companies’ access to semiconductors.

The Chinese Ministry of Commerce is willing to strengthen communication with the United States to get economic and trade relations between the two countries back “on the right track,” according to statements by Wang quoted by the Ministry of Commerce.

Despite increasing tensions between the United States and China, Nvidia founder and CEO Jensen Huang recommended boosting global technological cooperation on Saturday, emphasizing that his company will strike a balance between regulatory compliance and innovation.