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Saturday, May 25, 2024

Biden extends emergency to restrict investments in Chinese tech sector


President Joe Biden said he is extending for another year a national emergency related to the threat posed by securities investments that benefit certain Chinese companies including those involved in the development of surveillance technology.

“The threat from securities investments that finance certain companies of the PRC and certain uses and development of Chinese surveillance technology continue to pose an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States,” Biden said in a notice issued on Friday.

Therefore, Biden added, he is continuing for one year the national emergency declared in Executive Order 13959 and expanded in Executive Order 14032 over the threat posed by investments in China’s surveillance technology industry.

Beijing has previously expressed disappointment in such measures, saying that they will only hurt both US and Chinese businesses and reduce investor confidence.

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