Biden Administration Mulls Restrictions On Outbound Investments To China- Finance Minister

MOSCOW (Pakistan Point News / Sputnik - 11th May, 2023) The administration of US President Joe Biden is mulling a ban on outbound investments to China in the technology sector which may be a national security threat to Washington, US Treasury Secretary Janet Yellen said on Thursday.

"Restrictions on outbound investment is something that could be the subject of an executive order and that's something we've been discussing internally in the administration for some time," Yellen said ahead of the G7 finance ministers summit in the Japanese city of Niigata.

The US finance minister noted that these measures will be narrowly formulated and targeted at technologies where "there are clear national security implications."

Yellen also said that Washington is committed to discussing this restriction with other G7 countries, adding that many of them share the concern regarding China's alleged economic coercion against other states.

On Thursday, G7 finance ministers and governors of central banks started a three-day meeting in Niigata. They are going to discuss financial instability in the world, anti-Russian sanctions, as well as support for Ukraine.