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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

China trade council asks U.S. to “carefully consider” tech investment ban

The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston... The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder/File photo
The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston... The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder/File photo

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On Friday, state television reported that China’s foreign trade council had urged the United States to “carefully consider” measures that prohibit or restrict investments made by the United States in technological fields.

An executive order that prohibits investments in Chinese enterprises that deal in semiconductors, microelectronics, quantum information, and artificial intelligence was signed by Vice President Joe Biden of the United States of America a month ago.

According to state-run media, the China Council for the Promotion of International Trade, which the Ministry of Commerce regulates, said that the order placed “vague and broad restrictions” on investors and the sorts of transactions that can occur and does not differentiate between military and civilian aims.

According to the chamber’s statement, this raises transaction risks and compliance costs but also causes damage to a global industrial chain that is heavily dependent on one another.

The command that Biden issued secured the nation’s security and stopped the flow of money from the United States to the Chinese military.

U.S. financial businesses are looking for clarification on the proposed new laws, which they feel to be too unclear and impose a compliance burden on investors. The deadline for comments was on September 28, which has already passed. The regulations are scheduled to go into force the following year.


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