Biden plans to ban some US investments in China
Others will be strictly monitored
The Biden administration plans to completely ban investments in some Chinese technology companies and tighten controls on others, three sources said. This is part of his plan to stifle billions of US dollars invested in important sectors in China.
Source. Reuters.
Details. The ban is expected to apply to some chip-related investments, two sources said.
The United States has already imposed restrictions on the export of American artificial intelligence (AI) chips, chip manufacturing tools, and supercomputers to China in October, among other technologies.
The plan will be outlined in an executive order, which the White House is expected to release in the coming months. Anti-China hawks in Washington accuse U.S. investors of transferring large amounts of money and valuable know-how to Chinese technology companies, which will help develop Beijing's military capabilities.
U.S. relations with China deteriorated after one of China's surveillance balloons was spotted over the United States. The balloon was shot down over the ocean, and the nature of the recovered debris indicates that the balloon was intended for espionage purposes.
China itself denies this and insists that the balloon was intended to monitor weather conditions and was "slightly" off course.
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