After US President Joe Biden signed an executive order banning investments in a number of Chinese technology companies in 2024, Beijing plans to make it more difficult to develop advanced military technologies, writes Business Insider.
The ban also requires Americans doing business in China to inform their government.
The new restrictions will bar private and venture capital from investing in certain technologies in China, including artificial intelligence, quantum computing and semiconductors.
The measure is aimed at protecting national security interests, but comes at a particularly tense period in relations between the US and China, which are at a crossroads. The Biden administration is trying to convince the global community and national investors that the measures are not meant to limit China's economic growth. However, at the same time, the US suspended trade with China in order not to profit local enterprises that develop AI and chips.
As for China itself, data from the National Bureau of Statistics showed that consumer prices fell in July for the first time in 2 years, and the economy is slipping into deflation.