Biden orders restrictions on U.S. investments in Chinese technology – Gist It

Biden orders restrictions on U.S. investments in Chinese technology

President Joe Biden has signed an executive order restricting U.S. investments into Chinese technology, citing national security aims.

The move: The order regulates investments towards China in areas such as advanced computer chips, microelectronics, quantum information technologies, and artificial intelligence.
* It aims to curb China’s use of U.S. investments to bolster its military technology, whilst maintaining broader, economically significant levels of trade.
* The Treasury Department will oversee the investments and will reveal a proposed rulemaking to adhere to the presidential order following a public comment process.

Bipartisan backing: In July, by a vote of 91-6, the Senate made an amendment to the National Defense Authorization Act requiring monitoring and limitations on investments in countries of concern, including China.
* Mixed reactions followed the announcement of Biden’s executive order, with some officials saying more needs to be done.

China-U.S. tension: The economic and geopolitical competition between the U.S. and China has increasingly intensified.
* Biden has critiqued China’s global ambitions and economic struggles, with China’s behavior towards Taiwan and support for Russia amid the Ukraine invasion worsening relations.

Economic decline: China’s once-robust economic growth has faltered post-pandemic and declines in foreign direct investment have been observed.
* Consumer prices fell by 0.3% compared to the previous year in July, highlighting a lack of domestic demand.
* Foreign direct investment dropped by 89% from the previous year in the second quarter to $4.9 billion.

Global shift: China’s stricter security controls and unfulfilled promises of reforms have caused lost confidence among foreign companies.
* Many global firms are reportedly diverting investment plans to other economies.

View original article on NPR

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August 10, 2023

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