BREAKING: President Joe Biden plans to sign an executive order that would block and regulate high-tech U.S.-based investments going toward China.
Biden has suggested that China’s economy is struggling and its global ambitions have been tempered as the U.S. has reenergized its alliances with Japan, South Korea, Australia and the European Union. The administration consulted with allies and industry in shaping the executive order.
The issue is also a bipartisan priority. In July by a vote of 91-6, the Senate added as an amendment to the National Defense Authorization Act requirements to monitor and limit investments in countries of concern, including China. U.S. officials have long signaled the coming executive order on investing in China, but it’s unclear whether financial markets will regard it as a tapered step or a continued escalation of tensions at a fragile moment.
Separately, foreign direct investment into China fell 89% from a year earlier in the second quarter of this year to $4.9 billion, according to data released by the State Administration of Foreign Exchange.
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