Dutch Minister of Economic Affairs Vincent Karremans said Wednesday that the government's intervention over semiconductor manufacturer Nexperia is being suspended.

"In light of recent developments, I consider it the right moment to take a constructive step by suspending my order under the Goods Availability Act regarding Nexperia, in close consultation with our European and international partners," The minister said in a statement.

Karremans intervened in the operations of Nexperia, an overseas subsidiary of Chinese company Wingtech, in late September, citing the company's alleged governance shortcomings.

China's Ministry of Commerce said on Nov. 1 that the Dutch government's improper interference in internal corporate affairs has led to the ongoing chaos in global industrial and supply chains. China urges the Netherlands to take concrete actions to restore the stability of the global semiconductor supply chain.

Karremans said in the past few days Dutch government has had constructive meetings with the Chinese authorities. He lauded the measures already taken by the Chinese authorities to ensure the supply of chips to Europe and the rest of the world.