The US government outlines new oversight over foreign dealings by private US firms.
The US will ban American investment in some areas of China's high-tech sector, including artificial intelligence, adding to strained relations between the two superpowers.The much-anticipated move gives the US government new power to screen foreign dealings by private companies.However, it is poised to further chill economic relations between the world's two largest economies.
The government will also require US firms to notify the Treasury Department of investments in firms working on a wider range of artificial intelligence and semiconductor technology. In a briefing with reporters, senior administration officials said the measure was a "national security action, not an economic one". They said the US remained committed to open investment.
The latest measure has widespread support in Washington, where it is seen as fixing a regulatory gap concerning financial flows that risks allowing American money and know-how to to flow into China and assist its military ambitions.The US has been trying to build international support for the investment curbs with some signs of success.
The value of US foreign direct investment transactions in China dropped to roughly $8bn last year, the lowest level in nearly two decades, according to the Rhodium Group.
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