WASHINGTON, Nov. 9 (Reuters) – The United States will continue a ban on US investment in Trump-era Chinese companies that Washington says are owned or controlled by the Chinese military, President Joe Biden said Tuesday.
Biden, a Democrat who has continued some of President Donald Trump’s policies toward China, said he would extend the policies enshrined in his Republican predecessor’s November 2020 executive order.
“The PRC is increasingly exploiting the United States’ capital to enable the development and modernization of its military, intelligence, and other security apparatus, allowing the PRC to directly threaten the United States’ homeland and American forces abroad. said Biden. said in a letter to Speaker of the House of Representatives Nancy Pelosi.
The move is intended to prevent US investment firms, pension funds and others from buying shares of Chinese companies identified by the Defense Ministry as backed by the Chinese military.
Biden said China’s military-industrial complex, supported by its intelligence and other security services, continues to pose an unusual and extraordinary threat.
Editing by Jonathan Oatis
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