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Biden plans to bar some U.S. investments in China, track others -sourcesThe Biden administration plans to outright ban investments in some Chinese technology companies and increase scrutiny of others, three sources said, part of its plan to crack down on the billions that American firms have poured into sensitive Chinese sectors. nearly a fifth of investments in Chinese AI companies from 2015 to 2021, transactions valued at $40.The U., article with image View 2 more stories China ended more than three years of a stringent zero-COVID policy involving city-wide lockdowns, mass testing and extensive quarantine in December, which was followed by a wave of infections across its 1.Rep. investment flows into Chinese technology might harm national security and undermine export controls.S.He said cases were currently declining, but "a new wave is possible in the future.Peter Harrell, a White House official who left the administration late last year, told a House of Representatives committee earlier this week that he "strongly" recommended the government establish "a narrowly tailored regime" requiring disclosure of investments in certain key Chinese technologies with the ability to "limit or block the small number of transactions that are likely to raise serious national security risks." Departments of Treasury and Commerce $10 million each to identify what it would take to implement a program to address national security threats from "outbound investment" in certain sectors.Their reports are due later this month.5.Reporting by Alexandra Alper in Washington and Karen Freifeld in New York; editing by Chris Sanders, Anna Driver and Leslie Adler Our Standards:. Read more:Reuters »
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