China’s new outbound investment strategy, in which Chinese firms are being urged to stop buying luxury hotels and acquire technology instead, is facing a wave of resistance from the United States and Europe as they wake up to Beijing’s ambitions.

This week US President Donald Trump blocked a Chinese-backed investor from buying a semiconductor firm in America.

It was just the fourth time in over two decades that a US president had stopped a foreign takeover of an American firm due to national security concerns.

It is the latest example of a trend that has seen Washington tighten its screening process for inbound investments, especially from China.

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