On Eastern Time, [Month Day], U.S. President Trump signed the "America First Investment Policy" memorandum. The sections concerning Chinese investments in the U.S. mainly include two provisions: first, restricting investments in the U.S. by third-country companies associated with China, and second, limiting China's direct investments in key sectors of the U.S. Additionally, the memorandum welcomes investments from U.S. allies and partners but prohibits them from collaborating with "foreign adversaries."

The U.S. government's measures to strengthen restrictions on Chinese investments in the United States are a continuation of the investment protectionist actions taken during Trump's first administration. In [specific month and year], Trump signed the Foreign Investment Risk Review Modernization Act (FIRRMA), which strongly reflects the intent to scrutinize and limit Chinese direct investment in the U.S. It explicitly introduced the concept of "countries of special concern" and added specific requirements regarding the "China-specific report."

In this context, China's investment flows to the United States and their sectoral distribution have undergone significant changes in recent years. In terms of volume, China's direct investment in the U.S. dropped by nearly % year-on-year, falling to less than a quarter of the level before Trump first took office. Although there was some recovery in subsequent years, it never returned to the pre- levels. Many Chinese companies were forced to withdraw or cancel transactions before submitting them for U.S. review, leading to a sharp increase in unapproved cases.

From an industry distribution perspective, due to the bill's specific regulations on critical infrastructure, key technologies, and personal sensitive information, Chinese investors have been compelled to shift to other sectors. The proportion of annual investment flow into the U.S. manufacturing industry dropped from .% to .%, while the information transmission, software, and information technology services sector declined from % to .%. However, the scientific research and technical services sector saw a slight increase, rising from .% to .%.

In comparison, the "U.S. First Investment Memorandum" not only imposes more targeted and extensive investment restrictions but also broadens the so-called key sectors. Under these circumstances, the memorandum may have the following impacts:

First, broader investment restrictions will reduce domestic employment opportunities in the United States and weaken the vitality of the American economy. Foreign investment is a crucial source of support for U.S. employment, innovation, and economic growth. Taking China alone as an example, by the end of last year, Chinese companies had established over [number] enterprises in the U.S., employing more than [number] local workers. When factoring in job creation driven by investments from other countries, these investment restrictions will lead to a direct reduction in domestic employment in the U.S.

Secondly, investment restrictions in emerging fields will hinder global technological cooperation and disrupt the global innovation ecosystem. In recent years, Chinese enterprises have made significant technological breakthroughs in areas such as artificial intelligence, quantum computing, and communications, becoming a core force driving global technological advancement. The U.S. investment restrictions targeting China in key sectors will impede technological collaboration between the two countries, which not only undermines the technological competitiveness of American firms but also negatively impacts the global innovation landscape.

Thirdly, interference in normal corporate investment activities will distort the global investment landscape and accelerate the profound restructuring of industrial and supply chains. To mitigate the escalating scrutiny risks from the U.S., companies may reduce their investments in the country, opting to diversify their portfolios to spread risks. This could involve relocating production, research and development, and supply chains to nations with more lenient regulatory environments and more transparent, stable policies, thereby triggering deep adjustments and accelerated restructuring of global industrial and supply chains.

In conclusion, the "America First Investment Policy" memorandum is a typical manifestation of U.S. investment protectionism and the overgeneralization of national security. It represents a hegemonic act that interferes with normal corporate investment activities and is detrimental to the economic development of both China and the U.S., as well as the global economy. Currently, global economic growth is slowing and fraught with uncertainty. Only by adhering to openness, cooperation, and mutual benefit can we address global challenges.