The Biden administration’s plans to limit investments in China will primarily focus on cutting-edge technology and will only apply to new investments, according to Bloomberg. These restrictions are not expected to take effect until at least 2024 due to the bureaucratic process in Washington. Officials are working towards finalizing a proposal by the end of August, which aims to screen and potentially prohibit investment in China’s semiconductor, quantum computing, and artificial intelligence sectors. As the administration’s initial ambitions have been scaled back, the proposal is expected to spare the biotechnology and energy sectors, according to people familiar with the matter. China’s Foreign Ministry spokesperson Mao Ning responded to the matter at a Regular Press Conference on July 18, and said, “We hope that the US will follow through on President Biden’s commitment of not seeking to ‘decouple’ from China, halt China’s economic development or contain China, and create a sound environment for China-US economic cooperation and trade.” [Bloomberg]
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