June 4, 2021

In its latest move, which was not unexpected under the Joe Biden administration's "competition" goal with China, the US government has ramped up its crackdown on China's rising high tech sector by putting more firms on an investment blacklist. While the Biden administration is set to take even more measures to contain China in an escalating rivalry, it won't disrupt China's future advancement into becoming a technology power, experts said.

Biden signed an executive order on Thursday amending a ban on US investment in Chinese companies, blocking 59 Chinese companies with supposed ties to China's military or surveillance industry, including Huawei, China General Nuclear Power Corp and the country's three major telecommunications companies.

Under the new order, which initially started under the former Trump administration, US investors will be banned from buying or selling publicly-traded securities from those companies. The ban will take effect August 2, and investors will have one year to divest.

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https://www.globaltimes.cn/page/202106/1225408.shtml