The expected action is the latest effort by the White House to target China's military and technology sectors at a time of increasingly fraught relations between the world's two biggest economies. The Biden administration has also publicized U.S. intelligence findings that raise concern Beijing is weighing providing Russia weaponry for its ongoing war on Ukraine. Foreign Ministry spokesperson Mao Ning demanded its members “discard their ideological bias and zero-sum Cold War mentality.”Administration officials have been consulting with allies as they've worked on formulating the new regulations on U.S. investment, according to the official. A White House National Security Council spokesperson declined to comment on the Treasury and Commerce reports, but noted that administration officials have kept Congress apprised on its progress in crafting an approach to overseas investment. Administration officials have sought to signal to the business community that even as they look to examine rules on U.S. investment in China, they are mindful of not overreaching.

Source: ABC News March 04, 2023 20:22 UTC