American venture capitalists and private-equity firms will be restricted from investing directly in Chinese companies working in semiconductors, quantum computing or artificial intelligence, according to an executive order President Joe Biden issued. The order won’t take effect until formal regulations are set by the treasury secretary. (The Logic)

Talking point: The order is meant to raise the wall between American and Chinese industry in strategic technologies where the two countries are leaders. The U.S. and its allies have already restricted China’s access to their semiconductors as they rush to build their own manufacturing capacity; the new order comes on the anniversary of the U.S. CHIPS and Science Act. Some Canadian pension funds have become skittish of investments in China lately. Canada has ordered some Chinese firms to divest Canadian critical minerals investments and leaned on universities to stop joint projects with Chinese companies and institutions.