Biden Expandes Restrictions on 59 Chinese companies linked to Chinese military

 Biden prohibits U.S. investment in 59 Chinese companies allegedly tied to military, surveillance

 

President Joe Biden on Thursday expanded restrictions on American investments in certain Chinese companies with alleged ties to the country’s military and surveillance efforts.

President Joe Biden on Thursday increased US investment in certain Chinese companies over alleged links to the country's military and security efforts, adding many companies to the growing blacklist.

By the way, Biden blocked U.S. investors From financial institutions to 59 Chinese companies out of fear of their connections to the Chinese government's ambitions for the world government, there are other aspects of the complex strategy of former President Donald Trump taking talks with Beijing.

“And E.O. allows the United States to block - in a targeted and scoped manner - U.S. investment to Chinese companies that undermine security or democratic values ​​in the United States and our allies, ”the White House said in a statement.

The measures restrict the US dollar from supporting "China's defense sector, while also increasing the US Government's ability to address the threat of Chinese technology firms offering - inside and outside China - to religious or ethnic minorities or otherwise facilitate mass repression and human rights abuses," officials added.

Among the 59 companies banned are Aero Engine Corp. of China, Aerosun Corp., Fujian Torch Electron Technology and Huawei Technologies.

Limits apply at 12:01 a.m. ET on August 2nd.

This move is one of the most powerful for dating a top U.S. rival and is another indication that the Biden administration could use or advance many of the tactics used by the Trump administration in their quest to stay competitive with China.

Biden and his economic advisers must also decide what to do with the tax evasion, and whether to impose sanctions on Chinese officials involved in the imprisonment of many Muslim minorities in the Xinjiang region.

A Chinese Foreign Ministry spokesman has challenged the move by Biden officials, telling reporters that the Trump administration's first order was made with "total disregard for facts."

"The U.S. must respect legal and market law, rectify its shortcomings, and establish actions that undermine global financial markets and the legal rights and interests of investors," party spokesman Wang Wenbin told reporters in Beijing.

An earlier order of Trump administration has made a list of 48 firms.