U.S. President Joe Biden on Thursday signed a decree banning Washington from investing in 60 Chinese companies that the White House says are undermining U.S. security.
“This executive order allows the United States to ban investments in Chinese companies that undermine the security or democratic values of the United States and our allies,” the document said.
The ban comes into force on August 2, 2021.
59 Chinese companies were blacklisted. Among them – one of the world’s largest telecommunications companies Huawei Technologies Co., Ltd, microelectronics company Semiconductor Manufacturing International Corporation (SMIC), aircraft manufacturer Aviation Industry Corporation of China (AVIC), telecommunications companies China Mobile Communications Group Co., Ltd., China Telecommunications Corporation, China United Network Communications Group Co., Ltd., China Railway Construction Corporation (CRCC) and others.
It is noted that this decree “will prohibit anyone from the United States to participate in the sale or purchase of any shares sold on the stock exchange.”
“This executive decree prevents US investment from supporting China’s defense sector, and expands the US government’s ability to respond to threats from Chinese surveillance technology companies that facilitate surveillance, both in China and abroad, of ethnic minorities or any otherwise contribute to repression and serious human rights abuses, “the White House said.
According to the White House, the decree is designed to help “further respond to the emergency declared on November 12, 2020 in connection with the threat posed by the military-industrial complex of China.”
The “black list” is one of the measures taken by the administration of US President Donald Trump against Chinese companies.
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