After President Joe Biden announced a ban on US investment in some of China’s critical tech industries, the founder of a Shanghai-based semiconductor start-up felt forced to react.
“After the news came out, I was determined to move the team out of China, at least part of the team,” the person said, asking not to be named because of the sensitivity of the subject. “Otherwise, the financing will be very limited.”
The US ban, announced in an executive order on Wednesday and due to come into force next year, aims to block investment in quantum computing, advanced chips and artificial intelligence in an effort to stop China’s military from accessing American funding and knowhow.
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