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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, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder/File photo

State television said Friday that China’s foreign trade council has encouraged the U.S. to “carefully consider” policies that ban or restrict U.S. tech investments.

Last month, U.S. President Joe Biden signed an executive order banning investments in Chinese semiconductors, microelectronics, quantum information, and A.I. companies.

State media said that the Ministry of Commerce-supervised China Council for the Promotion of International Trade claimed the directive places “vague and broad restrictions” on investors and transaction types and does not distinguish between military and civilian goals.

“That not only increases transaction risks and compliance costs…but also damages the highly interdependent global industrial chain,” the chamber said.

Biden’s directive protected national security and prevented U.S. cash from assisting China’s military.

In response to the Sept 28 deadline for comments, U.S. financial firms are seeking clarity on the proposed new regulations, which they believe are overly ambiguous and place compliance on investors. The rules should take effect next year.

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