{"id":3332,"date":"2023-08-09T20:07:55","date_gmt":"2023-08-10T03:07:55","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=3332"},"modified":"2023-08-09T20:07:56","modified_gmt":"2023-08-10T03:07:56","slug":"us-restricts-high-tech-investment-in-china","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=3332","title":{"rendered":"US Restricts High-Tech Investment in China"},"content":{"rendered":"\n

U.S. President Joe Biden signed an executive order on Wednesday to impose restrictions on U.S. investments in some high-tech industries in China.<\/p>\n\n\n\n

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<\/p>\n\n\n\n

Biden\u2019s executive order could again heighten tensions between the U.S., the world\u2019s biggest economy, and No. 2 China after a period in which leaders of the two countries have held several discussions aimed at airing their differences and seeking common ground.<\/p>\n\n\n\n

The new restrictions would limit U.S. investments in such high-tech sectors in China as quantum computing, artificial intelligence and advanced semiconductors, but apparently not in the broader Chinese economy, which recently has been struggling to advance.<\/p>\n\n\n\n

Some investments in those sectors will require government notification. Others will be prohibited, but details were not immediately clear. It will apply to new investments only and take effect next year after several rounds of public comment.<\/p>\n\n\n\n

In a statement Wednesday, a spokesman for the Chinese Embassy in Washington told Reuters China is \u201cvery disappointed\u201d by the U.S. move and that the curbs would \u201cseriously undermine the interests of Chinese and American companies and investors.\u201d<\/p>\n\n\n\n

“China will closely follow the situation and firmly safeguard our rights and interests,” Liu Pengyu said.<\/p>\n\n\n\n

\u201cThe series of actions that the Biden administration has announced in this executive order have been expected for some time,\u201d Bonnie Glaser, managing director of the Indo-Pacific program at the German Marshall Fund of the United States, told VOA.<\/p>\n\n\n\n

\u201cThere have been talks about extending restrictions on \u2026 what we call outbound investment into China, because for many years the United States developed a system to screen and place restrictions on certain kinds of investments coming into the United States from China that are linked closely to national security,\u201d she said.<\/p>\n\n\n\n

In a trip to China in July, Treasury Secretary Janet Yellen told Chinese Premier Li Qiang, \u201cThe United States will, in certain circumstances, need to pursue targeted actions to protect its national security. And we may disagree in these instances.”<\/p>\n\n\n\n

\u201cChina has certainly expected that this was coming. This is not a surprise,\u201d Glaser said.<\/p>\n\n\n\n

She said she would not rule out retaliatory actions by China.<\/p>\n\n\n\n

\u201cBut if there are actions, I think that they will be targeted, in part because I think China does want to continue the process of engaging with American counterparts and planning for a meeting between China’s leader Xi Jinping and American President Joe Biden, at the APEC leaders’ summit in November in San Francisco,\u201d she said.<\/p>\n\n\n\n

National security adviser Jake Sullivan said in April that the U.S., in trying to protect its security interests in the Indo-Pacific region and across the globe, has implemented \u201ccarefully tailored restrictions on the most advanced semiconductor technology exports\u201d to China.<\/p>\n\n\n\n

\u201cThose restrictions are premised on straightforward national security concerns,\u201d he said. \u201cKey allies and partners have followed suit, consistent with their own security concerns.\u201d

Sullivan said the measures are not, as Beijing has claimed, a \u2018technology blockade.\u2019\u201d<\/p>\n\n\n\n

In Congress, reaction mostly fell along party lines. Republican Senator Marco Rubio said the Biden administration’s proposal “is riddled with loopholes, explicitly ignores the dual-use nature of important technologies and fails to include industries China\u2019s government deems critical.”<\/p>\n\n\n\n

Democratic Senator Bob Casey said Biden’s order “acknowledges the urgency of the issue and will allow the U.S. to reduce some of the risks we face from bad actors like China.”<\/p>\n\n\n\n

VOA State Department bureau chief Nike Ching contributed to this report. Some information came from Reuters.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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