Hunter Biden is stepping down from the board of a Chinese-backed private equity company and committing to not working for a foreign-owned company if his father, former Vice President Joe Biden, is elected president in 2020.

Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.

In a statement released from his lawyer George Mesires, Biden vowed to step down by the end of the month from a management company of a private equity fund backed by Chinese state-owned entities, and said he hasn't discussed his own business activities with his father.

Trump in a July phone call encouraged the leader of Ukraine to investigate Hunter and his father, which led to the launch of an impeachment inquiry by Democrats last month. Shortly after the revelations of the Ukraine call, Trump publicly called on China to investigate the Bidens.

"Hunter always understood that his father would be guided, entirely and unequivocally, by established U.S. policy, irrespective of its effects on Hunter's professional interests," the statement read. "When Hunter engaged in his business pursuits, he believed that he was acting appropriately and in good faith. He never anticipated the barrage of false charges against both him and his father by the president of the United States."

"Under a Biden Administration, Hunter will readily comply with any and all guidelines or standards a President Biden may issue to address purported conflicts of interest, or the appearance of such conflicts, including any restrictions related to overseas business interests," the statement continues. "In any event, Hunter will agree not to serve on boards of, or work on behalf of, foreign owned companies."

The White House and Biden did not immediately respond to CNBC's request for comment.