Biden issues an executive order restricting U.S. investments in Chinese technology
WASHINGTON — In a sign of growing strains between the world’s two biggest powers, President Joe Biden signed an executive order Wednesday that would block and regulate high-tech U.S.-based investments going toward . It covers advanced computer chips, micro electronics, quantum information technologies and artificial intelligence.
“Worry about China, but don’t worry about China,” Biden told donors at a June fundraising event in California. Biden has called Chinese President Xi Jinping a “dictator” in the aftermath of the U.S. shooting down a from China that floated over the United States. Taiwan’s status has been a source of tension, with Biden saying that China had become coercive regarding its independence.
“The message it sends to the market may be far more decisive,” said Elaine Dezenski, a senior director at the Foundation for Defense of Democracies. “U.S. and multinational companies are already reexamining the risks of investing in China. Beijing’s so-called ‘national security’ and ‘anti-espionage’ laws that curb routine and necessary corporate due diligence and compliance were already having a chilling effect on U.S. foreign direct investment.
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