The administration of U.S. President Joe Biden intends to impose new restrictions on American investments in certain advanced industries in China on August 9. The New York Times writes about this, citing sources.
Under the guise of protecting U.S. national security, proponents of the initiative want to halt the flow of money and expertise to the quantum computing, artificial intelligence and semiconductor sectors.
“The measure would be one of the first significant steps taken by the United States, amid an economic clash with China, to curb outbound financial flows,” The New York Times reported.
The restrictions will prohibit U.S. private equity and venture capital firms from investing in China’s high-tech sector, such as quantum computers, artificial intelligence and advanced semiconductors, in an effort to stop the leakage of American dollars and innovation to China. Also under the new rules, companies investing in a wider range of Chinese industries will have to report on their activities.
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