Biden order restricting China-bound U.S. investment expected next week

• The Biden administration plans to issue an executive order as soon as next week that will restrict U.S. investment in China in high-tech sectors such as artificial intelligence, semiconductors and quantum computing, three people familiar with the matter told Nikkei Asia.
• The order, which has been planned for months, is another step by the administration to curb China’s tech advancements as the countries race for dominance in critical technologies.
• The order will impose a screening process on U.S. investments in China. The restrictions will only affect future investments and target a limited number of sectors, according to two of the people.
• On Thursday, Representative Mike Gallagher, chairman of the House Select Committee on the Chinese Communist Party, wrote a letter to Biden urging the White House to widen the scope of the proposed executive order.

External Link : https://asia.nikkei.com/Business/Technology/Biden-order-restricting-China-bound-U.S.-investment-expected-next-week