Biden punishes more Chinese companies

The executive order signed by Biden on June 3 targets companies involved in the defense and tracking of Chinese technology. The US president said the measure would prevent US investment from pouring into China’s defense industry, as well as the country’s military, intelligence, and research and development programs.

“Additionally, I see the use of Chinese surveillance technology outside of China and the development and use of Chinese surveillance technology to facilitate repression or serious human rights abuses posing special threat,” Biden said.

Major Chinese companies on the list under Mr. Trump continue to be on the new list, including: Aviation Industry Corporation of China (AVIC), China Mobile Communications Corporation, General Corporation China National Offshore Oil Corporation (CNOOC), Hangzhou Hikvision technology company, Huawei and chip maker SMIC.

The ban will take effect from August 2, and existing investors in the above companies will have two years to withdraw.

The Biden administration is reviewing many policies towards China, and the new move is part of Biden’s plan to deal with Beijing, including strengthening alliances and boosting major investments. to strengthen America’s competitiveness.

Kurt Campbell, US Indo-Pacific policy coordinator, said last month that the engagement phase with China was over and relations between the two countries would enter competition.

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