The Treasury Department has proposed adding biotechnology to restrictions on American investment in Chinese companies and widening an existing ban on investing in Chinese artificial intelligence businesses.
The proposal, announced Oct. 22, would also extend the China-focused program to Cuba, Iran, North Korea, and Russia.
Treasury says the restrictions are intended to prevent American money, business expertise, and connections from helping foreign adversaries develop technologies that could strengthen their military, intelligence, and surveillance capabilities.
Some investments would be banned outright. Others could proceed but would have to be reported to Treasury, generally within 30 days after completion. Ordinary purchases of publicly traded stocks and investment funds would generally remain exempt from this program, subject to conditions. …