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Chinese technology overview:
- Who: President Joe Biden has signed an executive order limiting certain investments in Chinese technology, Law360 reports.
- Why: China’s technological developments may pose national security risks to the United States.
- Where: Biden’s executive order will apply throughout the United States.
On August 9, President Joe Biden signed an executive order limiting certain investments in technologies China is reportedly developing in effort to modernize its military, according to Law360.
The order will reportedly block U.S. money from funding Chinese efforts to develop semiconductors, microelectronics, artificial intelligence, and quantum computer technologies.
“Advancements in sensitive technologies and products in these sectors will accelerate the development of advanced computational capabilities that will enable new applications that pose significant national security risks, such as the development of more sophisticated weapons systems, breaking of cryptographic codes, and other applications that could provide these countries with military advantages,” Biden’s executive order states.
Under the executive order, the U.S. Department of the Treasury says it will oversee a “narrowly tailored” national security program that complements its existing export controls.
The Treasury Department will reportedly prohibit U.S. nationals from “engaging in certain transactions” and require U.S. nationals to notify the department of transactions that could constitute a national security threat.
“The United States benefits from an open investment climate and this new program will not change that,” the Treasury Department said. “It is narrowly targeted at investments in highly sensitive technologies and products for the purposes of protecting U.S. national security.”
Chinese technology national security overview
The Treasury Department noted that it anticipated certain exceptions, such as publicly traded instruments and intracompany transfers from United States parent companies to subsidiaries.
In March, a bipartisan group of senators introduced the Restricting the Emergence of Security Threats that Risk Information and Communications Technology Act, which calls on the secretary of commerce to identify, prevent, prohibit, or mitigate dealings that involve U.S. persons and technology from countries that may pose a risk to national security, such as the following potential foreign adversaries: China, Cuba, Iran, North Korea, Russia, and Venezuela.
Earlier this year, the Biden administration reportedly demanded TikTok to be sold or face a potential ban in the U.S.
What do you think about the proposed Biden China technology investment limitations? Join the discussion in the comments!
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