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A new ban on technology from the US to China
The U.S. has decided to ban American investment in China's semiconductor, artificial intelligence and quantum computing sectors.
According to a new plan announced by US President Joe Biden through an executive order yesterday, Washington will implement limitations on venture capital and equity investments by American companies in three critical technology areas: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems.
While reports about the US government planning to restrict critical investments in China have been circulating over the past month, this move is aimed at preventing China from using funds from American investors to enhance its military capabilities, develop advanced weaponry, and undermine US security.
ANOTHER BLOW FROM THE US TO CHINA
The new decision grants the US Treasury the authority to restrict or ban American investments in three areas where China has made advancements. According to Reuters, the measures are aimed at semiconductors, artificial intelligence, and quantum computing, targeting private equity, venture capital, joint ventures, and greenfield investments.
Biden stated that countries like China pose a threat by advancing "sensitive technology and products critical to military, intelligence, surveillance, or cyber capabilities." He declared a national emergency to address this threat. The adopted measures, including a 45-day comment period, are expected to be implemented next year after several rounds of public opinion. During this period, any deficiencies in the law can be addressed.
THE NEW BAN ISN'T THE FIRST, AND CHINA COULD RETALIATE
The spokesperson of the Chinese Embassy in Washington had previously stated that China would retaliate under the new bans, expressing "serious concern" about the US actions and reserving the right to take countermeasures. In a statement regarding the decision in question, the spokesperson said that the decision disrupts the international economic and trade order, damages the economic and trade interests of American companies, and points out that more than 70,000 US companies are doing business in China.
The Chinese government had previously pledged retaliation if the Biden administration introduced new restrictions on technology and capital inflows into the country.
In July, China retaliated by announcing new export controls on gallium and germanium, metals vital to the semiconductor, telecommunications, and electric vehicle industries, when the US introduced restrictions.
FRONT AGAINST CHINA IS EXPANDING
The United States has been applying sanctions against China in the semiconductor sector for a considerable period. Last year in August, new regulations were introduced that restricted the export of chip production equipment to China. In October, further US sanctions were implemented. These measures limited the shipment of American-made electronics or other products that China could use for creating chip manufacturing equipment or tools. Additionally, non-Chinese companies in other countries were prohibited from using American equipment to serve Chinese customers without being licensed by the US. Earlier this year, the Netherlands and Japan agreed to join the US in restricting the export of chip-making equipment.
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15/08/2023