Nearly 40 years after China began opening its economy to the west, the US and Europe are taking steps to close their doors to Chinese investors.

Large Chinese state-owned funds and companies are feeling the freeze as the US, the UK and Germany signal a cooler attitude toward Chinese acquisitions of vital corporate assets. Beijing also announced plans to expand the range of foreign investments covered by China’s national security review process.

So far, Chinese investors perceive the US as much more restrictive than Europe. “We are concerned about our planned investments in the US because of the trade friction [between Washington and Beijing],” said Tony Dong, a senior executive at the China Structural Reform Fund (CSRF), a Rmb350bn ($51bn) private equity fund that reports to the country’s cabinet.