Joe Biden has announced a ban on US investments into sensitive high-tech areas in China in a move branded as “anti-globalisation” by Beijing.

The President signed an executive order on Wednesday blocking and regulating financial backing for advanced computer chips, quantum computing and artificial intelligence in the world’s second largest economy.

The long-anticipated rules are expected to be implemented next year.

Rishi Sunak is understood to be considering a similar ban, after promising Mr Biden during a visit to the White House in June that Britain would “respond effectively” to the risk that British capital and expertise could help rival countries develop a military or intelligence threat, according to the Financial Times.

Mr Biden said in a letter to Congressional leaders: “The commitment of the United States to open investment is a cornerstone of our economic policy and provides the United States with substantial benefits.

“However, certain United States investments may accelerate and increase the success of the development of sensitive technologies and products in countries that develop them to counter United States and allied capabilities.”

The Chinese Ministry of Commerce responded in a statement early Thursday that it has “serious concern” about the order and “reserves the right to take measures.”

Asian shares responded with falls overnight, with stocks in Hong Kong down 1pc and the Shanghai Composite down 0.2pc.

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