Joe Biden Announces Ban On U.S Investments In 59 Chinese Companies!

USA | 7th June 2021 | Virtual Wire

US President Joe Biden signed an executive order on Thursday banning Americans from investing in 59 Chinese firms believed to be linked to China's military, expanding an earlier Trump administration order.

Biden signed an executive order Thursday that prohibits Americans from owning or trading any securities tied to 59 companies, citing the threat of Chinese surveillance technology.

The original order, signed by former President Donald Trump in November, applied to 31 Chinese companies that the administration said "enable the development and modernization" of China's military and "directly threaten" US security.

The initial list published under Trump included major telecoms, construction, and technology firms such as China Mobile, China Telecom, video surveillance firm Hikvision, and China Railway Construction Corp.

Among the defense companies on Biden's list is Aviation Industry Corp. of China, Ltd., which is one of the best known of the Chinese military giants; China North Industries Group Corp.; China Aerospace Science and Industry Corporation Ltd.; and China Shipbuilding Industry Co.

"This E.O.allows the United States to prohibit – in a targeted and scoped manner – U.S.

investments in Chinese companies that undermine the security or democratic values of the

The United States and our allies." a White House statement said.

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