Biden Closes In on Order to Restrict US Investment in China Tech
- Reports to Congress say existing controls aren’t tight enough
- Chinese military, intel capabilities are concern in Washington
President Joe Biden
Photographer: Oliver Contreras/Sipa/Bloomberg
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The Biden administration is nearing completion of an executive order that would restrict investments by US companies in parts of the Chinese economy, including advanced technologies that could enhance China’s military and intelligence capabilities, people familiar with the matter said.
The effort is at an advanced stage, with President Joe Biden prepared to request funding for it in his March 9 fiscal 2024 budget, according to reports to Congress obtained by Bloomberg.