US President Joe Biden’s administration is close to finalizing an executive order that would restrict US companies’ investments in parts of the Chinese economy, including advanced technologies that could enhance China’s military and intelligence capabilities.
According to Bloomberg, reports were submitted to the US Congress reveals that efforts in this direction reached an advanced stage, with the US president preparing to request funding for in the 2023 budget on March 9.
The order would add to the administration’s toolkit for addressing concerns about China’s technological advancement, which includes export controls on advanced semiconductors and new guidance on screening Chinese investment in the United States.
US companies currently face no restrictions from the US government on investing in China’s technology sector.
Some have invested in Chinese companies that are developing advanced supercomputing capabilities and other technologies that could have military applications.