Biden administration bans investment in 28 more Chinese firms

In Washington’s persistent fight against China, the president of the United States of America, Joe Biden expanded the blacklist of Chinese firms that are now out of bounds for investors based out of America.

In the reign of the previous President of the US, Donald Trump, Americans were embargoed from purchasing stakes in 31 Chinese companies that were speculated to be providing paraphernalia used by the military and for security purposes. In addition to those Chinese companies, the list has increased to 59 companies as Biden adds more.

The preliminary list which was made under the Trump administration involved telecommunications firms such as China Mobile and China Telecom. In addition to telecommunication firms, it also included construction and technology firms such as China Railway Construction Corp and Hikvision.

The companies that have been newly added to this list of banned companies by Joe Biden are mainly firms that manufacture surveillance technology. A statement issued by the white house said that such equipment “facilitates repression or serious human rights abuses,” which causes people to “undermine the security or democratic values of the United States and its allies.”

The Biden administration has vouched to tranquilize the upheaval caused by the Trump administration and has decided to take a more conciliatory approach while keeping a diligent eye on issues like defense and technology.

 

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