China outbound investment rule to be completed by end of year -- US official

Commerce Secretary Gina Raimondo said Wednesday she expects rules to implement U.S. outbound investment restrictions on China will be completed by the end of the year. President Joe Biden in August issued an executive order authorizing the Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

Commerce Secretary Gina Raimondo said Wednesday she expects rules to implement U.S. outbound investment restrictions on China will be completed by the end of the year.

President Joe Biden in August issued an executive order authorizing the Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems. Raimondo said at a U.S. House hearing she expects Treasury to complete the rules by the end of 2024. Commerce is "helping them to figure out which pieces of AI should we be most worried about which kinds of companies should we be most worried about?"