The Huawei booth at the 2020 Consumer Electronics Show in Las Vegas, US, January 7, 2020. /Xinhua
Editor s note: Hamzah Rifaat Hussain is a former visiting fellow at the Stimson Center in Washington and currently serves as an assistant researcher at the Islamabad Policy Research Institute (IPRI) in Pakistan. The article reflects the author s opinions and not necessarily the views of CGTN.
On January 31, the Biden administration emphasized strengthening the national security panel, the Committee on Foreign Investment in the United States (CFIUS), which has historically taken aim at foreign investments. The target is China. Chinese investment in American startups has been equated with subversion, surveillance and disruption, leading to possible divestments in 2021.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Then Vice President Joe Biden and Chinese President Xi Jinping during the Obama administration. Frederic J. Brown/AFP via Getty Images
Under President Joe Biden, CFIUS will scrutinize Chinese investment in US startups, the Wall Street Journal reported.
CFIUS will likely order divestments of US tech firms during 2021, officials told WSJ.
It will examine deals where investors have bought into US firms via intermediaries, they said.
A government body that scrutinizes foreign investment has been staffing up with experts from investment banks, VC firms, and tech companies, and under President Joe Biden will hunt for Chinese investment in American startups, according to a Wall Street Journal report.