President Joe Biden signed an executive order banning certain US investments in sensitive technology in China, a move that risks fueling tensions between the world’s two largest economies
authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
China said on Thursday it is "gravely concerned" about the order and that it reserves the right to take measures. China urged the U.S. to fulfill Biden's promise of no intention to decouple from China or obstruct China's economic development, the ministry said in a statement. "For too long, American money has helped fuel the Chinese military’s rise," said Senate Democratic Leader Chuck Schumer. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement."U.S. President Joe Biden delivers remarks on access to mental health care in the East Room of the White House in Washington, U.S., July 25, 2023.
Republicans said the order was rife with loopholes, such as only applying to future investment, and was not aggressive enough.The order will prohibit some deals and require investors to notify the government of their plans on others. The measure 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.Republican Senator Marco Rubio said the Biden administration' plan was "almost laughable."
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