WASHINGTON — The Biden administration is nearing completion of an executive order that would restrict investments by U.S. companies in parts of the Chinese economy, including advanced technologies that could enhance China’s military and intelligence capabilities, people familiar with the matter said.
The effort is at an advanced stage, with President Joe Biden prepared to request funding for it in his March 9 fiscal 2024 budget, according to reports to Congress obtained by Bloomberg.
The order would add to the administration’s toolkit to address concern about China’s technological advances, which includes export controls on advanced semiconductors and new guidance on screening Chinese investments in the U.S.
