US "Smothering" Chinese Firms: Beijing On Joe Biden's Investment Ban List
China's response came as President Joe Biden on Thursday expanded the list of 59 Chinese companies that are outside the reach of US investors.
BEIJING: Beijing accused the United States of "suppressing" Chinese companies and issued retaliatory threats on Friday after President Joe Biden's blacklisting of companies prevented Americans from investing.
Biden on Thursday expanded the list of 59 Chinese companies that are out of reach for US investors from Beijing's "military-industrial complex" as they maintain pressure on Asian superpowers.
His predecessor, Donald Trump, released a list in November of 31 Chinese companies believed to supply or support Chinese military and security apparatus, adding more firms earlier this year.
But after legal challenges cast doubt on the sanctions, Biden's team reviewed the blacklist, deleting some names and eventually expanding it. Many companies are already subsidiaries of companies involved.
The White House said in a statement that the sanctions target companies involved in Chinese surveillance technology that "facilitate pressure or serious human rights abuses", which "protect the security of the United States and our allies." Or undermine democratic values. "
The Chinese Foreign Ministry dismissed the move as a "violation of market law" and an attempt to "suppress" Chinese companies.
Foreign Ministry Spokeswoman Jiang Yu's Regular Press Conference on March 26, 2006, Foreign Ministry Spokeswoman Jiang Yu's Regular Press Conference on March 26, 2006, Foreign Ministry Spokeswoman Jiang Yu's Regular Press Conference on March 26, 2006, Of appeal
"China will take the necessary steps to strengthen the legitimate rights and interests of Chinese companies," he added.
The initial list, published under Trump, included major telecommunications, construction, and technology firms such as China Mobile, China Telecom, video surveillance company Hackvision, and China Railway Construction Corporation.
China National Offshore Oil Corporation (CNOOC) was added in January - which is why S&P removed it from its stock index - and Biden is on the list.
The investment ban will take effect on August 2 and existing shareholders have one year to lose.
Strained relationship
The move was in line with various White House Beijing initiatives aimed at straining relations between the two sides.
Earlier, the selection of sanctions and targets was linked to the Congressional Defense Department's report but will be handled by the Treasury Department.
Although the Biden administration has promised to pursue a more diplomatic approach with China after Trump's ouster, it has said it will maintain a strong line on a number of issues, including defense and technology.
Biden lamented that the United States was lagging behind, saying China was "eating our lunch."
However, their list was dropped by investors, with shares of firms listed mostly in Hong Kong and mainland China.
In the standout, Changsha Jingjia Microelectronics jumped 5.20% and Zhongheng Electronic Measurement Equipment Company jumped more than 4%.
In Hong Kong, China Mobile jumped more than 1 percent and China Unicom jumped nearly 1 percent, while CNOC was just slightly lower.
The hard-line on China enjoys the overwhelming support of the party in Congress, and lawmakers are determined to cover up their growing global tensions.
Republican senators Tom Cotton and Marco Rubio, along with Democrats Gary Peters and Mark Kelly, published a two-way letter urging the administration to publish a new list.
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