Biden bans some U.S. tech investments in mainland China, Hong Kong

  • U.S. President Joe Biden signed an executive order Wednesday that restricts certain American investments in mainland China, Hong Kong and Macao in high-tech sectors such as artificial intelligence, semiconductors and quantum technology.
  • The move — criticized by China — prohibits U.S. persons from making “certain transactions” in semiconductors and microelectronics, quantum information technologies and AI sectors and requires them to notify the Treasury Department when making such transactions.
  • In the long-awaited executive order, Biden declares a national emergency in dealing with “countries of concern” rapidly developing “sensitive technologies,” which “significantly enhances their ability to conduct activities that threaten the national security of the U.S.”
  • The order “is a narrowly targeted action to protect national security while maintaining our long-standing commitment to open investment,” a statement by the Treasury Department said.

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