US lawmakers urge Yellen to speed up China outbound investment rules

The Republican and Democratic leaders of a US congressional committee on China urged Treasury Secretary Janet Yellen to urgently implement outbound investment restrictions on the country, warning that Beijing was using American capital to develop technologies as her department debated new rules. US President Joe Biden in August issued an executive order authorizing the Treasury secretary to prohibit or restrict US investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.