U.S. President Joe Biden walks on the South Lawn at the White House in Washington, D.C., the United States, May 10, 2023.(Photo by Ting Shen/Xinhua)

Biden's executive order will designate China as a "country of concern," and the rules are expected to go into effect following a 45-day comment period.

NEW YORK, Aug. 9  -- U.S. President Joe Biden signed an executive order Wednesday that would block and regulate high-tech U.S.-based investments going toward China though Washington said repeatedly that they have no interest in "decoupling" from China.

Biden's executive order will designate China as a "country of concern," and it will limit American investments in three categories of national security technologies: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems, according to the U.S. Treasury Department.

The rules are expected to go into effect following a 45-day comment period.