Biden Signs Executive Order Limiting Investments in Chinese Tech Industries

Biden Signs Executive Order , Limiting Investments in Chinese Tech Industries.
The president signed the
executive order on Aug. 9.
Sectors that it targets include
"quantum computing, artificial intelligence and advanced semiconductors," NBC News reports. .
Sectors that it targets include
"quantum computing, artificial intelligence and advanced semiconductors," NBC News reports. .
The order declares China's
"rapid advancement" in various tech
industries to be a national emergency.
China's strides in developments for armed forces, intelligence, surveillance and more constitute "an unusual
and extraordinary threat to the national security of
the United States," according to the executive order. .
The Chinese Commerce Ministry
issued a statement on Aug. 10.
This seriously deviates from
the market economy and fair competition principles that the
U.S. has always advocated, Chinese Commerce Ministry, via statement.
It affects the normal operation and decision-making of enterprises and undermines the international economic and trade order, Chinese Commerce Ministry, via statement.
U.S. lawmakers praised the development but
think more action is needed, NBC News reports. .
The failure to include existing technology investments as well as sectors like biotechnology and energy is concerning, Michael McCaul, House Foreign Affairs Chairman, via statement.
The threats we face are not static,
and our actions need to be dynamic
and coordinated with allies and partners to ensure we are building a lasting security for the American people, Rep. Raja Krishnamoorthi, via statement