WILMINGTON, Delaware: 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.last month that traversed the country. The Biden administration has also publicised US intelligence findings that raise concern Beijing is weighing providing Russia weaponry for its ongoing war on Ukraine.
The Wall Street Journal first reported on Saturday that the Treasury and Commerce departments delivered reports to lawmakers on Friday detailing plans for the new regulatory system to address US overseas investment in advanced technologies. The agencies said they expected to seek addition money for the investment screening program in the White House budget, which is scheduled to be released on Mar 9, according to the Journal.