China investment curbs gain momentum in US lawmaker talks

WASHINGTON :A bipartisan group of lawmakers said on Monday they have agreed on a proposal that would give the U.S. government sweeping new powers to block billions in U.S. investment into China, although the measure is part of a broader bill with an uncertain future.

The provision is part of broadbased legislation to boost U.S. competitiveness with China and also grant $52 billion to chipmakers to expand U.S. operations.

The refined proposal released today has bipartisan, bicameral support and addresses industry concerns, including the scope of prospective activities, industries covered, and the prevention of duplicative authorities, said U.S. Senators Bob Casey and John Cornyn, and Representatives Rosa DeLauro, Bill Pascrell, Jr., Michael McCaul, Brian Fitzpatrick and Victoria Spartz, in a statement.

The initial outbound investment proposal had run into opposition on the fear it could reduce companies' investments abroad, leading some chipmakers to oppose its inclusion in the chips bill being hammered out by Senate and House lawmakers.