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Joe Biden extends investment ban on firms Washington says are linked to China’s military
- The president says China is ‘increasingly exploiting United States capital’ to help modernise its military and intelligence apparatuses
- US entities are barred from buying or selling publicly traded securities in blacklist companies
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US President Joe Biden on Tuesday extended a ban that prohibits American investments in Chinese companies that have alleged ties with the Chinese military.
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“The PRC [People’s Republic of China] is increasingly exploiting United States capital to resource and to enable the development and modernisation of its military, intelligence, and other security apparatuses, which continues to allow the PRC to directly threaten the United States homeland and United States forces overseas,” Biden said in a letter to House of Representatives Speaker Nancy Pelosi.
Biden said the ban, which was first announced by former president Donald Trump through an executive order in November 2020, will remain in effect beyond November 12, 2021.
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The extension followed an expansion in June when Biden added nearly a dozen Chinese firms and their subsidiaries to the list, raising the total number of blacklisted companies to 59. The additions included China General Nuclear Power Corp and plastic pipe maker Aerosun Corp.
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