The U.S. Treasury Department is updating a government list of Chinese companies and entities with alleged ties to defense or surveillance technology sectors, making them subject to a U.S. investment ban.
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.
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The US government expanded the ban on Americans investing in Chinese companies with purported ties to China’s military to cover companies in the surveillance technology sector, an executive order stated. The blacklist now includes 59 Chinese companies, up from the 48 banned by the previous administration last November.
The new sanctions go into effect on August 2 and Americans already invested in the blacklisted firms, either directly or through other funds, must divest themselves within a year. The US government has also indicated that additional companies may be added to the list in the coming months.
Aimed at surveillance technology firms
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).