Today: 6 May 2025
10 August 2023
1 min read

Biden’s executive order bans US Investments in key Chinese tech sectors

The proposed rule is designed to target technologies most critical for military advancement…reports Asian Lite News

US President Joe Biden has slapped new bans on investments in advanced technology industries in China in order to protect national security.

President Biden signed an executive order late on Wednesday, banning US investments in certain key tech sectors of China.

The new rules would place restrictions on investments by US private equity and venture capital firms, as well as joint ventures, in Chinese artificial intelligence, quantum computing and semiconductors, reports CNN.

China’s Ministry of Commerce said in a statement on Thursday that “the ban greatly disrupts the normal pace of business decision-making, the international trade order, and the security of global supply chains”.

The order, the spokesperson said, “seriously deviates from the principles of market economy and fair competition” and disrupts global supply chains.

US China flag.

The proposed rule is designed to target technologies most critical for military advancement.

The White House said in a statement that the Biden-Kamala Harris administration is “committed to keeping America safe and defending America’s national security by protecting technologies that are critical to the next generation of military innovation”.

“Cross-border investment flows have long contributed to US economic vitality. We are committed to taking narrowly targeted actions to protect our national security while maintaining our longstanding commitment to open investment,” said the US government.

Biden signed the executive order following extensive and thorough consultations with hundreds of stakeholders, industry members, and foreign allies and partners.

The new measures, which also apply to companies in Hong Kong and Macau, are set to take effect next year.

Last October, the Biden administration had unveiled a sweeping set of export controls that ban Chinese companies from buying advanced chips and chip-making equipment without a license.

ALSO READ-China slips into deflation

Previous Story

India Looks Lucrative in the Global Economic Charts

Next Story

Twitter faces $350,000 fine over search warrant dispute

Latest from -Top News

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

India Rises, Africa Watches 

While struggling economies in Africa engulf themselves in ideological battles and take sides in the tariff battles, nations like India are placing their national interest first and navigating Global Trade challenges in

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of
Go toTop

Don't Miss

Fresh evidence on China’s destructive actions in Tibet

The report details previously unreported detentions and torture of locals

Western ads draw flak in China over narrow eyes

In recent days, there have been other incidents of social