Move could fuel tensions between the world’s two largest economies. Read more at straitstimes.com.
NEW YORK/WASHINGTON - President Joe Biden on Wednesday signed an executive order that will narrowly prohibit certain US investments in sensitive technology in China and require government notification of funding in other tech sectors.
The proposal targets investments in Chinese companies developing software to design chips and tools to manufacture them. The US, Japan and the Netherlands dominate those fields, and the Chinese government has been working to build up home-grown alternatives. The order is aimed at preventing American capital and expertise from helping develop technologies that could support China’s military modernisation and undermine US national security. It is focused on private equity, venture capital, joint venture and greenfield investments.
Repbulican Senaor Marco Rubio said the Biden administration’s “narrowly tailored proposal is almost laughable. It is riddled with loopholes, explicitly ignores the dual-use nature of important technologies, and fails to include industries China’s government deems critical.” It is expected to be implemented next year, a person briefed on the order said, after multiple rounds of public comment, including an initial 45-day comment period.
Ms Emily Benson of the Centre for Strategic and International Studies , a bipartisan policy research organisation, said she expects investments in artificial intelligence to be prohibited to military users and uses, and that other investments in the sector will only require notification to the government.
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