Economic news

China outbound investment rule to be completed by end of year — US official

2024.05.08 12:01

China outbound investment rule to be completed by end of year -- US official

By David Shepardson

WASHINGTON (Reuters) – Commerce Secretary Gina Raimondo said Wednesday she expects rules to implement U.S. outbound investment restrictions on China will be completed by the end of the year.

President Joe Biden in August issued an executive order authorizing the Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

Raimondo said at a U.S. House hearing she expects Treasury to complete the rules by the end of 2024. Commerce is “helping them to figure out which pieces of AI should we be most worried about, which kinds of companies should we be most worried about?”

Biden’s order aims to prevent American money and expertise from helping China develop technologies that could support its military modernization. “We can’t let them have our money and know-how,” Raimondo said.

China has condemned the move, but some U.S. lawmakers have argued it has too many loopholes. Some U.S. officials have said the outbound investment rules should not be overly broad to avoid harming the U.S. economy. Others, including former Biden administration officials, have called the measure a good first step, but said that Congress should provide resources to expand it.

Raimondo said she is building a team and seeking $5 million to study the outbound investment industry. “When we talk about quantum, you know, what does that actually mean? We’re providing like the commercial, industrial, technological know-how to match up against Treasury’s financial know-how,” Raimondo said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

She said Commerce is working to track investments and may need to buy data sets or IT systems.

“The kinds of investments we’re talking about are not in public stock market companies — it’s private money, it’s hard to track candidly. So any data that we can get access to track these sorts of private investments by us and our allies is very important,” Raimondo said.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 75,894.33 0.23%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,879.30 5.35%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 195.05 3.95%
bnb
BNB (BNB) $ 597.10 0.62%
usd-coin
USDC (USDC) $ 0.999897 0.04%
xrp
XRP (XRP) $ 0.552971 1.50%
staked-ether
Lido Staked Ether (STETH) $ 2,877.90 5.31%
dogecoin
Dogecoin (DOGE) $ 0.191546 2.72%
cardano
Cardano (ADA) $ 0.396129 8.99%
tron
TRON (TRX) $ 0.160185 1.63%
the-open-network
Toncoin (TON) $ 4.88 1.76%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,412.38 5.72%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,814.31 0.41%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.57%
avalanche-2
Avalanche (AVAX) $ 27.24 0.26%
weth
WETH (WETH) $ 2,879.40 5.39%
chainlink
Chainlink (LINK) $ 12.51 1.97%
bitcoin-cash
Bitcoin Cash (BCH) $ 377.37 0.56%
sui
Sui (SUI) $ 2.28 1.46%
polkadot
Polkadot (DOT) $ 4.13 0.31%
leo-token
LEO Token (LEO) $ 6.26 0.39%
usds
USDS (USDS) $ 1.00 0.11%
litecoin
Litecoin (LTC) $ 71.36 0.02%
uniswap
Uniswap (UNI) $ 8.86 6.98%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,027.44 5.33%
near
NEAR Protocol (NEAR) $ 4.21 1.28%
aptos
Aptos (APT) $ 9.73 0.37%
pepe
Pepe (PEPE) $ 0.000011 7.61%
bittensor
Bittensor (TAO) $ 506.02 3.75%
internet-computer
Internet Computer (ICP) $ 7.74 2.24%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 1.76%
dai
Dai (DAI) $ 0.999806 0.02%
stellar
Stellar (XLM) $ 0.101268 4.17%
ethereum-classic
Ethereum Classic (ETC) $ 20.15 2.47%
monero
Monero (XMR) $ 163.31 0.99%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.19%
kaspa
Kaspa (KAS) $ 0.112998 6.41%
whitebit
WhiteBIT Coin (WBT) $ 19.63 1.51%
aave
Aave (AAVE) $ 181.68 4.16%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.342972 2.10%
blockstack
Stacks (STX) $ 1.67 3.42%
crypto-com-chain
Cronos (CRO) $ 0.091067 5.95%
okb
OKB (OKB) $ 40.44 3.04%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.13%
dogwifcoin
dogwifhat (WIF) $ 2.34 3.50%
arbitrum
Arbitrum (ARB) $ 0.577135 4.15%
mantle
Mantle (MNT) $ 0.665767 11.26%
filecoin
Filecoin (FIL) $ 3.75 0.37%