US Places Investment Ban On Several Major Chinese Companies

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The US had placed an investment ban on several major Chinese companies like Huawei and SMIC

The United States had placed an investment ban on several major Chinese companies — including Huawei Technologies and SMIC.

The US had placed an investment ban on several major Chinese companies like Huawei and SMIC
Photo source: Gizmochina

It seemed that the trade war between the United States and China wasn’t slowing down.

In a new development, United States President Joe Biden had signed an executive order banning companies based in the US from investing in Chinese firms.

The said list included dozens of Chinese firms with alleged ties to the defense or surveillance technology sectors. President Biden’s new order basically expanded the scope of the legally flawed move by the Trump administration.

Based on a report on Gizmochina, the US Treasury Department will enforce and update a list of companies on “rolling basis” which currently included about 59 firms.

READ ALSO: Huawei Regains Momentum On Providing Patent Licensing To Firms Despite US-China Tension

The orders barred buying or selling publicly traded securities in target companies and also prevented US investment from supporting the Chinese military-industrial complex, as well as military, intelligence, and security research and development programs.

Major Chinese companies included on the previous Defense Department list were also placed on the updated list — including Huawei Technologies Ltd, Semiconductor Manufacturing International Corp (SMIC), China Mobile Communications Group, Aviation Industry Corp of China (AVIC), China National Offshore Oil Corp (CNOOC), and Hangzhou Hikvision Digital Technology Co Ltd.

The said move was being viewed as a part of President Biden’s broader series of steps to counter China — including reinforcing US alliances and pursuing large domestic investments in order to bolster American economic competitiveness.

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