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US President Joe Biden will impose new rules on Wednesday limiting US investment in China's high-tech sectors, a long-awaited effort aimed at stopping US capital from financing Beijing's military development, Politico reports.
The move represents the first time the US government has sought to impose broad investment rules on US firms overseas. Until now, US firms have had the freedom to do business in other countries, except for restrictions on a narrow list of military-related goods.
The executive order will ban some investments in Chinese firms engaged in the development of quantum computing, sensors and networks and certain artificial intelligence firms. The rules will only apply to new investments, not existing deals, and will come into force after a certain period.
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