Biden Administration to Restrict Investment on Communist China’s High-tech Industry

The Biden administration is considering signing an executive order to limit US investment in Chinese technology companies, sources revealed on September 2.

 The United States may take specific action against TikTok, a most popular video-sharing app. President Biden may sign the executive order in the next few months. Meanwhile, the U.S. Department of Commerce may implement further restrictions on artificial intelligence chips, according to a source. Up to now, neither the White House nor TikTok has commented on the matter.

 The White House is working on relevant legislation with Congress that would require U.S. companies to notify the U.S. government before investing in specific industries in Communist China. One of the options being discussed is to create a system that would authorize the government to block investments completely. The executive order that President Biden is about to sign would be only part of a wider strategy, according to another source.

 President Biden reportedly signed the CHIPS and Science Act of 2022 in August, which provides 52 billion US$ in government grants to US companies for the research and production of US semiconductors. Meanwhile, the US government recently ordered Nvidia and AMD, two semiconductor companies, to stop exporting certain high-end chips to Communist China and Russia.

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Translator: NFSC News
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