US President Joe Biden on Wednesday signed an executive order to ban some new US investments in China like computer chips, leading to the requirement of government notification in other tech sectors, according to a report published by Reuters.
The long-awaited order has restricted the US investments in Chinese entities in three sectors — semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine US national security. It targets private equity, venture capital, joint ventures and greenfield investments, Reuters reported.
Advertisements
In a letter to Congress, Joe Biden declared a national emergency to deal with the threat of advancement by countries like China “in sensitive technologies and products critical to the military, intelligence, surveillance or cyber-enabled capabilities”.
On Thursday, China said that it is ‘gravely concerned’ about the order and it reserves the right to take measures. The Chinese Commerce Ministry stated that the order affects normal operation and decision-making of enterprises, and undermines the international economic and trade order, as per Reuters reports.
“We hope the US will respect laws of the market economy and the principle of fair competition, and refrain from artificially hindering global economic and trade exchanges and cooperation, or set up obstacles for the recovery of the world economy,” the ministry added.
Advertisements
Senate Democratic Leader Chuck Schumer said, “For too long, American money has helped fuel the Chinese military’s rise. Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement.”
The White House said Joe Biden also consulted allies on the plan and incorporated feedback from the Group of Seven nations.
The regulations will only affect future investments, not existing ones, Treasury said, but it may ask for disclosure of prior transactions. The move could fuel tensions between the world’s two largest economies. The Chinese embassy in Washington said it was “very disappointed” by the measure.
Advertisements
Next Story:
-
BRS Leaders Held Protest Over CM Revanth’s Comments On BRS Women Leaders
BRS leaders staged protest condemning the objectionable comments made by Chief Minister A Revanth Reddy against senior women BRS leaders P Sabitha Indra Reddy and V Sunitha Lakshma Reddy.
-
Strict Action Against People Who Collect Parking Fees Against Rules: GHMC Commissioner
GHMC Commissioner Amrapali Kata said that action has been taken against the malls and multiplexes that are charging parking fees contrary to the rules within the GHMC.
-
Osmania University Rescheduled Telangana SET
Osmania University on Thursday rescheduled the Telangana State Eligibility Test (TG SET), which will now be conducted from September 10 to 13.
-
Heavy Rains Warning In Telangana
The Indian Meteorological Department, (IMD) Hyderabad Center has warned that heavy rains will occur in many districts of Telangana state.
-
Four People Involved In Dacoity Offence Arrested
Maidardevpally and CCS Rajendra Nagar teams proceeded and apprehended the four offenders at Sasthripuram at Sasthripuram namely 1. Aqeel, 2. Adnan, 3. Mohd Saif, 4. Moshin
Now you can get the latest stories from Hydnow every day. Click the link to subscribe. Click to follow Hydnow’s Facebook page and Twitter and Instagram