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Fri Jun 4, 2021, 04:42 AM

Biden bans US investment in Chinese military and tech surveillance sectors

Source: Reuters

Biden bans US investment in Chinese military and tech surveillance sectors

Reuters
Fri 4 Jun 2021 00.33 BST

Joe Biden has signed an executive order that bans American entities from investing in dozens of Chinese companies with alleged ties to defense or surveillance technology sectors.

In a move that his administration says will expand the scope of a legally flawed Trump-era order, the US treasury will enforce and update on a “rolling basis” the new ban list of about 59 companies.

It also bars buying or selling publicly traded securities in target companies, and replaces an earlier list from the defense department, senior administration officials told reporters.

The order prevents US investment from supporting the Chinese military-industrial complex, as well as military, intelligence, and security research and development programs, Biden said in the order.

“In addition, I find that the use of Chinese surveillance technology outside (China) and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse constitute unusual and extraordinary threats,” Biden said.

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Read more: https://www.theguardian.com/us-news/2021/jun/03/biden-bans-us-investment-chinese-military-tech-surveillance

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