(VOVWORLD) - President Joe Biden on Wednesday signed an executive order that will prohibit some new US investment in China in sensitive technologies like computer chips and require government notification in other tech sectors.
 US President Joe Biden delivers remarks on access to mental health care in the East Room of the White House in Washington, US, July 25, 2023. (Photo: REUTERS/Elizabeth Frantz/File Photo) |
The order authorizes the US Treasury secretary to prohibit or restrict US investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
The measure targets private equity, venture capital, joint ventures and greenfield investments.
Biden said in a letter to Congress he was declaring a national emergency to deal with the threat of advancement by countries like China “in sensitive technologies and products critical to the military, intelligence, surveillance or cyber-enabled capabilities.”
China said on Thursday it is “gravely concerned” about the order and that it reserves the right to take measures.