© Reuters. FILE PHOTO: Chinese and U.S. flags flutter outdoors an organization constructing in Shanghai, China April 14, 2021. REUTERS/Aly Song//File Photo
WASHINGTON (Reuters) -The United States will proceed a Trump-era ban on U.S. investments in Chinese companies that Washington says are owned or managed by the Chinese military, President Joe Biden mentioned on Tuesday.
Biden, a Democrat who has continued a few of President Donald Trump’s insurance policies on China, mentioned he would lengthen the coverage laid out in his Republican predecessor’s govt order of November 2020.
“The PRC 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 mentioned in a letter to House of Representatives Speaker Nancy Pelosi.
The transfer is designed to deter U.S. funding corporations, pension funds and others from shopping for shares of Chinese companies that had been designated by the Defense Department as backed by the Chinese military.
Biden mentioned China’s military industrial complicated, supported by its intelligence and different safety, continues to represent an uncommon and extraordinary risk.
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