Saturday, June 19, 2021

US President bans American entities from investing in Chinese defense, tech companies

US President Joe Biden has signed an executive order that bans US entities from investing in many Chinese companies with alleged ties to defense or surveillance technology sectors. US Treasury Department will enforce and update the new list of about 59 companies, which bars buying or selling publicly traded securities in target companies.

President Biden said that the order prevents US investment from supporting the Chinese military-industrial complex, as well as military, intelligence, and security research and development programs. He added that he finds that the use of Chinese surveillance technology outside China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse, constitute unusual and extraordinary threats.

President Biden has been reviewing a number of aspects of US policy toward China. The move is part of Biden’s broader series of steps to counter China, including reinforcing US alliances and pursuing large domestic investments to bolster American economic competitiveness.

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