Biden orders ban of U.S. investments in certain China technologies
Biden said in a letter to Congress he was declaring 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.”
House Foreign Affairs Committee Chairman Michael McCaul praised the move to restrict new outbound investments in China but said “the failure to include existing technology investments as well as sectors like biotechnology and energy is concerning.”The order is aimed at preventing American capital and expertise from helping develop technologies that could support China’s military modernization and undermine U.S. national security.
Repbulican Senaor Marco Rubio said the Biden administration’s “narrowly tailored proposal is almost laughable. It is riddled with loopholes, explicitly ignores the dual-use nature of important technologies, and fails to include industries China’s government deems critical.” It is expected to be implemented next year, a person briefed on the order said, after multiple rounds of public comment, including an initial 45-day comment period.
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