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US Moves to Tighten Investment Restrictions on Chinese Tech Firms

Daniel Kim Views  

As the U.S. government aims to fully control the flow of American capital and technology into China’s advanced technology sector, regulations restricting investments in China are expected to be completed within the year.

According to Reuters on the 8th (local time), Secretary of Commerce Gina Raimondo said at a House hearing that the Treasury Department is expected to finalize the details of the restrictions on investments in China by the end of the year. She added, “The Commerce Department is helping us identify which Chinese companies we should be concerned about in areas like artificial intelligence (AI).”

President Joe Biden signed an executive order last August that incorporates banning or limiting U.S. investments in Chinese companies in advanced fields such as quantum computing, AI, and advanced semiconductors. Consequently, the government can now investigate the advanced technology investment information of individuals and corporations in the U.S., and if necessary, can prohibit financing or rescind those already made.

While the U.S. has previously imposed various sanctions on China in the advanced technology sector, including export controls, controlling domestic individual and corporate stakes in China is the first time. Despite the agitation within the U.S., Secretary Raimondo emphasized, “We cannot allow our capital and know-how flow into China.”

Secretary Raimondo mentioned the need to build a new data system to track U.S. corporate investments in China. She said, “The investments we’re looking at are not public stock investments, they’re exclusive, so they’re not easy to track. Data is very significant for us and our allies to track these kinds of private investments.”

Regarding the revocation of Huawei’s export licenses for major U.S. corporations such as Intel and Qualcomm Incorporated, Secretary Raimondo said, “Huawei is a threat, and it’s focusing on AI. We will tighten the pressure, including revoking previously granted licenses, as we get more information about the threat.” She added, “I won’t mention these two companies, but we will continue to tighten punitive actions including license revocations.”

Daniel Kim
content@viewusglobal.com

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