President Joe Biden’s administration detailed new rules Wednesday limiting US investments in advanced technology industries in China in an effort to protect national security at a moment of heightened tension with Beijing.
The new rules would place restrictions on investments by US private equity and venture capital firms, as well as joint ventures, in Chinese artificial intelligence, quantum computing and semiconductors. The rules will be subject to a public comment period. Long in the works, the new restrictions are meant to prevent American knowledge and money from flowing to China and to tighten the amount of cutting-edge technology available to the Chinese military.
“You don’t want the cutline to be so broad that you deny American companies revenue and China can get the products elsewhere, or China gets products from other countries, so what we’re trying to do is be narrowly defined [and] work with our allies on these chokepoint technologies,” Commerce Secretary Gina Raimondo said this summer at a forum. US national security adviser Jake Sullivan described the measures as “tailored” in April.
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