Joe Biden expands investment ban on blacklisted Chinese tech companies
- Move applies to firms tied to the Chinese military or that sell surveillance technology used against religious minorities and dissidents, US says
- Eleven Chinese companies are added to the list, raising the total to 59
In an executive order on Thursday, Biden added nearly a dozen Chinese firms and their subsidiaries to the list, including China General Nuclear Power Corp and plastic pipe maker Aerosun Corp – raising the total of blacklisted companies to 59.
Under the order, investors can no longer buy new securities in these companies on American markets starting on August 2; Americans with current investments in the firms will have a year to divest.
Thursday’s announcement is another sign that Biden is continuing the hardline approach to China taken by his predecessor Donald Trump. While the administration is reviewing many of Trump’s China policies, it has not revoked much existing legislation or many orders – including tariffs levied on hundreds of billions of dollars in Chinese imports.
03:29
US President Joe Biden vows China “will not win this race” amid electric vehicle rivalry
The White House said on Thursday the order aims to “further address the ongoing national emergency” signed by former President Trump in November with respect to “the threat posed by the military-industrial complex of the People’s Republic of China”.
