The order, the product of a two-year internal debate, gives Yellen the authority to
It also proposes a requirement that U.S. venture capitalists and other investors notify the Treasury Department of prospective investment into companies developing technologies in these sectors.it faces a slowing economyThe investment restrictions are aimed at a handful of critical technologies related to the modernization of China’s military and internal surveillance capabilities, administration officials said.
Bans on U.S. investment in Chinese technology are not unprecedented. At the tail end of his administration, President Donald Trump issued an order banning U.S. investment into a few dozen Chinese companies with alleged ties to the People’s Liberation Army. In 2021, the Biden administration expanded the order, banning U.S. financing of additional firms, especially those that sell surveillance technology.
“There’s a mountain of evidence that China works through joint ventures to access technology and expertise — not just the hard technology, but the soft skills needed” to build successful enterprises, said Liza Tobin, an economic expert at the nonprofit Special Competitive Studies Project. “China has its own cash. One thing the U.S. uniquely offers is expertise from Silicon Valley and Wall Street.”U.S.
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