Biden’s investment decision angers China
Biden issued a Presidential Executive Order to address the national security threat posed to the United States by relevant countries seeking to develop and exploit products with sensitive or advanced technologies critical to military, intelligence, surveillance, or cyber capabilities, the Department US Treasury said in a statement.
Noting that the administration is determined to keep the United States safe and defend the country’s national security by protecting technologies that are critical to the next generation of military innovations, it was said that cross-border investment flows have long contributed to the economic vitality of the United States. .
CONSULTED WITH THE MINISTRY
The statement added that the executive order included specific actions to protect national security while maintaining the United States’ commitment to open investment, and would ensure the creation of a new and specific national security program to be implemented and administered by the Department of United States state. Treasury in consultation with other agencies, including the Department of Commerce.
In this context, it was stated that the program would require Americans to report certain transactions to the Treasury, prohibiting American persons from conducting other transactions that involve companies involved in activities related to narrow subsets of the 3 high-tech areas defined in the Act.
In the statement, it was noted that China has been identified as the relevant country in the addendum to the decree, and that China has benefited from US investments to improve its ability to manufacture a range of precision technologies.
WHAT AREAS ARE LIMITED?
Noting that the US has already banned or restricted the export of many technologies and products considered for the new program to China, it was noted that the program will prevent US investments from helping to speed up the localization of these technologies in China.
In the statement, the 3 areas of advanced technology determined in the decree were listed as semiconductors and microelectronics, quantum information technologies, and some artificial intelligence systems. (AA)