Treasury issues rule to block US from helping China develop advanced tech

Quick Summary:

The US Treasury Department, seeking to keep the Chinese military from gaining an edge in advanced technologies, issued a rule Monday to restrict and monitor American investments in China in artificial intelligence, computer chips and quantum computing.

The order sought to limit the access that "countries of concern" specifically China, including Hong Kong and Macao have to American dollars to fund technologies that could be used, for example, to break codes or develop next-generation fighter jets.

The finalised rule arises from an executive order issued in August 2023 by President Joe Biden.

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Article Details

Category: BusinessFinance

Markets: IndiaChinaHong KongJapanUnited States

Topics: US investors Treasury Military technology Supply chain

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 15:03:21 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 559 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23323879

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