Media: Biden plans to restrict investments by US firms in Chinese tech

WASHINGTON D.C.: News stories last week reported that the Biden administration plans to introduce an executive order restricting US companies from funding the development of advanced computing technologies in China.

In 2022, the US put in place export controls, including cutting off China from certain semiconductor chips made anywhere in the world with American equipment, to slow China’s technological and military development.

The media reports also said the US government has been working on developing measures to restrict investments by US firms, which are now almost complete and could be implemented within two months.

The Treasury Department had earlier reached out to other governments, as well as the European Union, to ensure they do not provide similar financing to China after the US cut off, the reports added.

The details of the pending executive order have yet to be confirmed, but is expected to require companies to report more information to the government about their planned investments in certain countries.

The order could also prohibit any investment in some sensitive areas, such as quantum computing, advanced semiconductors and certain artificial intelligence capabilities with military or surveillance applications, it added.