Biden widens list of Chinese firms off-limits for investment

Washington: China vehemently objected on Friday to US President Joe Biden’s expansion of a list of Chinese companies whose shares are off-limits to American investors because of their purported links to the Chinese military and surveillance.

The White House issued the update late Thursday to an order signed last year by Biden’s predecessor, Donald Trump, that added to antagonisms over trade and technology.

Chinese Foreign Ministry spokesperson Wang Wenbin urged Washington to withdraw the order and “provide Chinese enterprises with a fair and non-discriminatory business and investment environment".

"China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises," he said at a regular briefing in Beijing. He did not elaborate.

The executive order takes effect August 2. It is the latest indication that Biden has not softened



Washington’’s stance on alleged security risks from companies US officials say are linked to the Chinese “military and industrial complex".

Tariffs on Chinese exports that were imposed under Trump, triggering similar actions from Beijing, mostly remain in place. China’s chief economic envoy, Vice Premier Liu He, and US Treasury Secretary Janet Yellen held their first meeting by video Wednesday, but the two sides gave no indication when negotiations on ending their tariff war might resume.

The revised order from Biden says it is to “ensure that US investments are not supporting Chinese companies that undermine the security or values of the United States and our allies".

The updated list includes companies that Washington alleges contribute to surveillance of religious and ethnic minorities or to repression and “serious human rights abuses”.