In a move that formalizes years of tightening state control, Beijing has enacted regulations requiring technology companies — foreign and domestic alike — to submit any market exit, divestiture, or technology transfer to a national security review process. The rules, effective immediately, reflect a deepening conviction within the Chinese government that the movement of technology and capital across its borders is not merely a commercial matter but a question of sovereign interest. For the global community of investors and multinationals who have long operated in China under assumptions of eve