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- White House scales back plans to regulate US investments in China – Politico
White House scales back plans to regulate US investments in China – Politico
“Despite fraying relations with Beijing, US President Joe Biden is expected to forego expansive new restrictions on American investment in China, denying a push by some hawks in his administration and in Congress,” reported Politico on Monday.
The news quotes five anonymous people on Capitol Hill and K Street with knowledge of the White House discussions while stating that US President Biden is scaling back a planned executive order to oversee American investments in China to focus largely on increasing transparency of those deals.
Key quotes
The order may still prohibit U.S. investments in at least one Chinese industry - advanced semiconductors - but will likely not block money from flowing to other parts of China’s high-tech economy.
The order is now expected to largely require U.S. firms to notify federal authorities when doing deals in industries like quantum computing and artificial intelligence, though some other investment prohibitions are being debated.
Though the final order is still in flux, the administration is likely to set up a pilot program under which US firms doing new deals with Chinese artificial intelligence and quantum computing firms would have to disclose details to government authorities.
The debate will now turn to the Senate, where the Banking Committee will hold a hearing Tuesday on sanctions, export controls and “other tools” like outbound investment screening.
AUD/USD grinds higher past 0.6700
The news offers an additional reason for the AUD/USD pair to extend the week-start rebound. However, the cautious mood ahead of Australia Retail Sales for January seems to probe the Aussie pair buyers around 0.6730 at the latest.
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