Biden bans some U.S. tech investments in mainland China, Hong Kong

Beijing criticizes restrictions covering AI, advanced chips and quantum technology

U.S. President Joe Biden's new executive order warns that advances in sensitive technologies by countries of concern pose "an unusual and extraordinary threat" to national security. © Reuters

YIFAN YU and JACK STONE TRUITT, Nikkei staff writers

August 10, 2023 05:29 JST

Updated on August 10, 2023 10:50 JST

PALO ALTO, U.S./NEW YORK -- U.S. President Joe Biden signed an executive order Wednesday that restricts certain American investments in mainland China, Hong Kong and Macao in high-tech sectors such as artificial intelligence, semiconductors and quantum technology.

The move -- criticized by China -- prohibits U.S. persons from making "certain transactions" in semiconductors and microelectronics, quantum information technologies and AI sectors and requires them to notify the Treasury Department when making such transactions.