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🎧 Treasury finalizes rules to block U.S. investors from helping China develop advanced technology
💬 The Biden administration has issued rules to limit U.S. investors funding projects that could help China to develop advanced technology.
Our Kim Bo-kyoung tells us more.
The U.S. Treasury Department finalized its rules on Monday to restrict American investments in China in advanced technology such as semiconductors, artificial intelligence, and quantum computing.
The rules are designed to implement President Joe Biden's executive order signed in August last year "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern."
The "country of concern" identified in the order is China and the special administrative regions of Hong Kong and Macau.
To be specific, the regulations prohibit U.S. financing of some ventures, and it requires Americans and companies in the U.S. to notify the government of transactions that involve “technologies and products that may contribute to a threat to the national security of the United States."
The rules will take effect starting January 2nd.
The rules aim to prevent China from enjoying "intangible benefits" that are believed to come with the U.S. financial support, including “enhanced standing and prominence, managerial assistance, investment and talent networks, (and) market access.”
Noting that advanced technologies are fundamental to the development of the next generation of military, surveillance, intelligence and certain cyber security applications Assistant Secretary for Investment Security Paul Rosen said the Biden-Harris Administration is committed to keeping them out of the hands of those who may use them to threaten U.S. security.
The Treasury is setting up a global transactions office to oversee the new rule, and violators will be fined up to around 368-thousand U.S. dollars or twice the value of the prohibited transaction, whichever is greater.
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🎧 Treasury finalizes rules to block U.S. investors from helping China develop advanced technology
💬 The Biden administration has issued rules to limit U.S. investors funding projects that could help China to develop advanced technology.
Our Kim Bo-kyoung tells us more.
The U.S. Treasury Department finalized its rules on Monday to restrict American investments in China in advanced technology such as semiconductors, artificial intelligence, and quantum computing.
The rules are designed to implement President Joe Biden's executive order signed in August last year "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern."
The "country of concern" identified in the order is China and the special administrative regions of Hong Kong and Macau.
To be specific, the regulations prohibit U.S. financing of some ventures, and it requires Americans and companies in the U.S. to notify the government of transactions that involve “technologies and products that may contribute to a threat to the national security of the United States."
The rules will take effect starting January 2nd.
The rules aim to prevent China from enjoying "intangible benefits" that are believed to come with the U.S. financial support, including “enhanced standing and prominence, managerial assistance, investment and talent networks, (and) market access.”
Noting that advanced technologies are fundamental to the development of the next generation of military, surveillance, intelligence and certain cyber security applications Assistant Secretary for Investment Security Paul Rosen said the Biden-Harris Administration is committed to keeping them out of the hands of those who may use them to threaten U.S. security.
The Treasury is setting up a global transactions office to oversee the new rule, and violators will be fined up to around 368-thousand U.S. dollars or twice the value of the prohibited transaction, whichever is greater.
🎧 @eng_listening