President Joe Biden signed an executive order on June 3, amending a Trump-era ban that prohibits U.S. investors from investing in Chinese military companies.
The new order expands the previous prohibition list by adding more Chinese defense and surveillance technology firms.
Biden's order expands the scope of the national emergency declared by then-President Donald Trump last year and bans more companies involved in "The development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse."
The ban list doesn't mention subsidiaries of these companies as the list is "Intentionally targeted and scoped," according to the factsheet.
The Trump administration targeted 44 Chinese military companies and intended to include publicly traded subsidiaries that were "50 percent or more owned" or "Determined to be controlled" by those companies.
In his final weeks in office, Trump took swift action to ban investments in Chinese military companies, in an effort to curb Beijing's access to lucrative U.S. capital markets.
Trump's order aimed to curb U.S. pension and retirement fund investments in companies that support the Chinese Communist Party.
https://www.theepochtimes.com/biden-orders-ban-on-59-chinese-defense-and-tech-firms_3843645.html
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