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1 1 (May 10, 2023)

handle is hein.amenin/aeiaepd0001 and id is 1 raw text is: & :n trns of morey moving etvvee thI U and th e People's Republic of' hin (FR all the re fl(ow since 206 hav be&n A mer -.nvetm ent in in lStoc ks and bonds, the stock of nhich 'was $. 8 illioi .t the etnd o 202-. SThI US govemni t :as Ioudly Cnsid red dolicv changes peraining to ou oad invest reat but has done alrost not e Whig Wce, the U coes not provide basis nfortiorn about hetrue levels of 'utbour itvestmn L. This uit change for good 0piiCy to be oossible. There are compelling principles that should guide policy changes. One is that, if existing Amrican r aw retrvits tirese :.vestm-nt in the US to prevert loss of technology, new Ar'nericat: law should restrict US invesfrneri in th@ PRC deve:oping ihat same technology. Many intelligent, well-reaning people claim the US is in a se -riOus competition with China.' Tey are wrong. No country in serious competiion with another sends it almost $800 billion over fourr years. Thrs is what the UIS did between 20 and 2C20, in 2021, the value of American invxestmentt in. Chin dropped, but not because the US did anything. Rather, it dropped because the Chinese government attacked its own private sector. As f&r 20Z2, American investment in China could h ave risen sharply and the US government would nor yet know, much less have limited spending in. any wayn if that's competttion, it's nopleasant to think what cooperation looks like Most trade actions, such as tariffs, to Con ront the People's Republic of China (PRC,) for its behavior are not nearly as important fnancially as this knvestmfent hOW. Beyond the raw a mount of rnony involved, te US essentially does not monitor what is be,.g funded, renaining largely ignorant of the extent of American support of potentially harmnful C hiese military and civilian teehnoloy. That makes 'nvestnent oversignt also more important than tariffs for our securltv and values. It's true that, to protect the celfare of ordinary people, curbing supply--cai dt'. pendence on Chinese active pharmaceut tai irgr dents and a few other key products should be the toP conomnc priority. But a genuine nompetition with the PRC is impossi- ble without limiting US fitancial support of General Secretary Xi .inping's regi me. An executive order (EO) that will not be implemented until late 202; and could be defuinct in early 2025 is not enough. Con- gress must act. There arc multiple options for out- bound 'nvestment monitoring and review. The tnost important of these limt UAmerican help for China's development of advanced technology.

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