US President Joe Biden on Wednesday signed an executive order to ban some new US investments in China like computer chips, leading to the requirement of government notification in other tech sectors, according to a report published by Reuters.
The long-awaited order has restricted the US investments in Chinese entities in three sectors — semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine US national security. It targets private equity, venture capital, joint ventures and greenfield investments, Reuters reported.
In a letter to Congress, Joe Biden declared a national emergency to deal with the threat of advancement by countries like China “in sensitive technologies and products critical to the military, intelligence, surveillance or cyber-enabled capabilities”.
On Thursday, China said that it is ‘gravely concerned’ about the order and it reserves the right to take measures. The Chinese Commerce Ministry stated that the order affects normal operation and decision-making of enterprises, and undermines the international economic and trade order, as per Reuters reports.
“We hope the US will respect laws of the market economy and the principle of fair competition, and refrain from artificially hindering global economic and trade exchanges and cooperation, or set up obstacles for the recovery of the world economy,” the ministry added.
Senate Democratic Leader Chuck Schumer said, “For too long, American money has helped fuel the Chinese military’s rise. Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement.”
The White House said Joe Biden also consulted allies on the plan and incorporated feedback from the Group of Seven nations.
The regulations will only affect future investments, not existing ones, Treasury said, but it may ask for disclosure of prior transactions. The move could fuel tensions between the world’s two largest economies. The Chinese embassy in Washington said it was “very disappointed” by the measure.
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