Joe Biden Announces Ban On U S Investments In 59 Chinese Companies With Either Links To PRC Military Or Selling Surveillance Tech swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.
President Joe Biden; IMage courtesy: White House Flickr/US Govt work
The Biden administration has banned U.S. investments in Chinese companies allegedly linked to China’s military, expanding hard-line policies introduced by the previous administration.
The executive order bans American citizens from investing in some of the leading defense and surveillance technology firms.
These also include the country’s shipbuilding majors: China Shipbuilding Industry Company Limited, China Shipbuilding Industry Group Power Company Limited, and China State Shipbuilding Corporation Limited. The order also targets China National Offshore Oil Corporation (CNOOC), China’s primary offshore oil and gas developer; and China Communications Construction Corporation (CCCC).
Today, President Biden signed an Executive Order (E.O.) to further address the ongoing national emergency declared in E.O. 13959 of November 12, 2020 with respect to the threat posed by the military-industrial complex of the People’s Republic of China (PRC). President Biden also expanded the scope of this national emergency by finding that the use of Chinese surveillance technology outside the PRC, as well as the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuses, constitute unusual and extraordinary threats. This E.O. allows the United States to prohibit – in a targeted and scoped manner – U.S. investments in Chinese companies that undermine the security or democratic values of the United States and our allies.
Joe Biden Extends Donald Trump s Blacklist of Chinese Companies
On 6/3/21 at 3:19 PM EDT
President Joe Biden on Thursday signed an executive order to shore up and extend a ban on United States investments with certain Chinese companies that was first instituted by his predecessor, Donald Trump.
Biden s order blacklists 59 companies tied to the Chinese military-industrial complex and surveillance industry and bars people in the United States from engaging in the purchase or sale with them. It takes effect at 12:01 a.m. (ET) on August 2.
In the order, Biden writes that he has determined that additional steps are necessary to address the national emergency first outlined by the Trump administration, with regards to China.