WILMINGTON, Del.—The Biden administration is close to tightening rules on some overseas investments by US companies in an effort to limit China’s ability to acquire technologies that could improve its military prowess, according to a US official familiar with the deliberations.
In October, the Biden administration imposed export controls to limit China’s ability to access advanced chips, which it says can be used to make weapons, commit human rights abuses and improve the speed and accuracy of its military logistics. Meanwhile, China this past week blasted the new House Select Committee on the Chinese Communist Party after it held its first hearing on countering Beijing’s influence. Foreign Ministry spokesperson Mao Ning demanded its members “discard their ideological bias and zero-sum Cold War mentality.”
A White House National Security Council spokesperson declined to comment on the Treasury and Commerce reports, but noted that administration officials have kept Congress apprised on its progress in crafting an approach to overseas investment.
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