How much further will America’s restrictions on Chinese tech investments go in 2023?
Save time by listening to our audio articles as you multitaskJoe Biden’s administration plans to increase restrictions on American investment in Chinese tech firms. During 2023 it may also stop companies such as TikTok, a popular short-video platform controlled by a Chinese group, from collecting personal data from American users.Politicians in Washington have been devising an ever-longer list of punishments for Chinese companies, a process that began during Donald Trump’s presidency.
Instead of resetting or reducing the restrictions on China’s tech sector, Mr Biden has only added to them. But how much further will restrictions on Chinese tech investments go? A list of dozens of companies, most of which are government-affiliated, is already in place. The rationale for such restrictions is to stop American dollars from flowing into high-tech firms whose products could be used by the Chinese armed forces .
For its part, China will continue to push its tech industry to focus less on consumer-internet services, such as shopping or food delivery, and more on home-grown innovation in “deep technology”, such as semiconductors and, in order to move China towards its goal of technological self-sufficiency. On September 6th Xi Jinping, China’s president, said at a political meeting that the country must “mobilise nationwide resources to achieve key tech breakthroughs”.
Will it work? China’s technology sector is already undergoing what Mr Xi has referred to as the early days of a “new industrial revolution” based aroundand smart manufacturing. But his heavy-handed intervention in his country’s tech industry risks stifling innovation and entrepreneurship, and some analysts believe the state’s allocation of resources to boost home-grown innovation has been inefficient.
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