Biden Renews Ban on Investment in Chinese Firms Linked to Military

President Joe Biden has renewed a ban on U.S. funding into any Chinese corporations with alleged ties to China’s navy throughout an announcement on Tuesday. Biden particularly known as out using “Chinese surveillance technology” which poses a risk to human rights around the globe.

The funding ban, first enacted by President Donald Trump by means of an Executive Order in November of 2020, blacklists 59 corporations, together with know-how large Huawei, which has ties to China’s People’s Liberation Army. Though arguably Huawei doesn’t have ties to the Chinese navy a lot deeper than the ties many Silicon Valley corporations have already got with the Pentagon.

And whereas President Biden didn’t particularly point out the oppression of the Uighurs in Xinjiang, who’re presently dwelling beneath a regime of near-constant surveillance, the Muslim-majority group has been a typical trigger for Western democracies lately.

“The [People’s Republic of China] is increasingly exploiting United States capital to resource and to enable the development and modernization 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 stated in an open letter to House Speaker Nancy Pelosi that was printed on the White House website.

“Through the national strategy of Military-Civil Fusion, the PRC increases the size of the country’s military-industrial complex by compelling civilian Chinese companies to support its military and intelligence activities,” the letter continues. “Those companies, though remaining ostensibly private and civilian, directly support the PRC’s military, intelligence, and security apparatuses.”

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“At the same time, those companies raise capital by selling securities to United States investors that trade on public exchanges both here and abroad, lobbying United States index providers and funds to include these securities in market offerings, and engaging in other acts to ensure access to United States capital,” the letter says.

And while it’s probably practical that American interests try to wall off investments in Chinese firms for national security purposes, China isn’t really doing anything that the U.S. wasn’t already doing. All you need to do is remember that the late Steve Jobs had a Top Secret security clearance necessary for his companies to sell products to the National Security Agency.

New Cold War, very like the one earlier than.