2023-08-05 13:29:42
Joe Biden
Biden’s order will fill a loophole in the system, said Cordell Hull, a former US Commerce Department employee.
(Photo: Reuters)
According to insiders, Washington US President Joe Biden will announce his plans to review US investments in China in the area of sensitive technologies early next week, according to insiders. The aim is to prevent US capital and knowledge from accelerating the development of technologies that could help modernize China’s military and threaten US national security, it said.
It is expected to cover the areas of semiconductors, quantum computing and artificial intelligence, and investments via private equity, venture capital and joint ventures. Many such transactions would therefore have to be reported to the government in the future and some would also be prohibited, it said. Biden’s order will fill a loophole in the system, said Cordell Hull, a former US Commerce Department employee.
The regulation is not expected to take effect immediately. The government will probably first obtain assessments of their project. According to the information, there have already been discussions with interest groups. The government has also consulted with partner countries.
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