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Biden sets new rules restricting U.S. investments in China
The executive order, aimed at slowing Beijing’s military development, represents the first time Washington has exerted broad oversight on American business overseas.By GAVIN BADE
08/09/2023 02:06 PM EDT
President Joe Biden on Wednesday will establish new rules limiting American investments in high-end Chinese technology sectors — a long-awaited effort meant to stop U.S. capital from financing Beijing’s military development.
The move represents the first time the U.S. government has sought to impose broad investment rules on U.S. firms overseas — an escalation of the economic conflict with China that is likely to earn a sharp rebuke from Beijing. Until now, U.S. firms have largely been given free rein by Washington to develop business in other countries, except for limitations on a narrow list of military-related goods. But national security officials in both the Trump and Biden administrations have warned that U.S. investors have been financing Beijing’s military advancements by funding Chinese firms that turn around and give their technology to China's military.
The executive order, which will be implemented by the Treasury Department, will prohibit some investments in Chinese firms engaged in developing quantum computing sensors and networks, as well as advanced semiconductor firms, and certain artificial intelligence firms. It will also require U.S. firms to notify the federal government if they invest in some lower-end semiconductor production not already covered by export controls, said a group of senior administration officials, who requested anonymity to brief reporters on Wednesday afternoon.
“The program will prohibit certain investments in entities that engage in specific activities related to these technology areas that pose the most acute national security risks, and will require notification for other sensitive investments,” said one of the senior administration officials, who added that the focus of the restrictions is on investments that confer "tangible benefits" to China's military.
I wonder if this will affect his family who have invested in china like his son who has got millions from china including diamonds
