China's trade council requests US to reconsider tech investment ban - report
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China's international trade council has formally requested the U.S. to "carefully consider" regulations which forbid or restrict U.S. investments in China's technology sector, Reuters reported citing the Asian country's state television.
Last week, the U.S. Commerce Department issued final rules linked to the CHIPS and Science Act that aim to restrict expansion in China by semiconductor companies which will receive federal funds. The U.S. President Joe Biden had signed an executive order in August to regulate certain U.S. investments in China in three areas, semiconductors and microelectronics, quantum information technologies, and artificial intelligence, or AI.
The Ministry of Commerce supervised, China Council for the Promotion of International Trade noted that the order places "vague and broad restrictions" on investors and transaction types, and does not bifurcate between military and civilian use, the report added.
Earlier this week, U.S. financial firms, which have been requested to meet a Sept 28 deadline to give input, are also asking for greater clarity on the proposed new regulations which according to them are vague and put the responsibility of compliance on investors, the report added.
The rules are anticipated to come into effect next year, according to the report.

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