US expands funding ban on Chinese language corporations

Washington, June 4

President Joe Biden has nearly doubled the list of Chinese companies whose shares are off-limits to US investors in the latest sign he is not softening Washington’s stance toward Beijing.

Checking military surveillance

  • The decision solidifies an order signed last year by Donald Trump
  • It strengthens the control on investment in Chinese companies that the US says are linked to defence and surveillance

An executive order issued late on Thursday says it aims to “solidify and strengthen” an order signed last year by his predecessor Donald Trump by strengthening controls on investments in Chinese companies that the US says are linked to defence and surveillance.

“The intention is to ensure that US investments are not supporting Chinese companies that undermine the security or values of the United States and our allies,” the order says. The revised list includes companies that Washington alleges contribute to surveillance of religious and ethnic minorities or to repression and “serious human rights abuses”. Many of the companies on the expanded list already were on a Defense Department blacklist that limits access to American technology and investment.

Telecoms equipment maker Huawei Technologies, China’s big state-owned telecoms companies and China National Offshore Oil Corp. all are on the new list of 59 companies. The earlier list included 31. China vehemently objected to the order on Friday. Chinese Foreign Ministry spokesperson Wang Wenbin urged Washington to withdraw the order and “provide Chinese enterprises with a fair and non-discriminatory business and investment environment”. “China will take necessary measures to resolutely safeguard the legitimate rights of Chinese enterprises,” he said. — AP

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