American President, Joe Biden has concluded plans to ban U.S investment in dozens of Chinese companies.
Gatekeepers News reports that U.S President Joe Biden, in a new executive order signed on Thursday, extended an order previously issued by former President Donald Trump, that prevents Americans from investing in dozens of Chinese tech and defence firms with purported military ties.
Biden, in the executive order which will take effect on 2 August, increases the number of restricted Chinese companies from 48 to 59.
Gatekeepers News reports that under the new order, US investors will be banned from buying or selling publicly traded securities for other companies including the China General Nuclear Power Corporation, China Mobile Limited and Costar Group.
The order is to ensure “US persons are not financing the military-industrial complex of the People’s Republic of China,” one White House official said.
“The prohibitions are intentionally targeted and scoped to maximise the impact on the targets while minimising harm to global markets,” the official added.
The new list of companies barred from US investment will update one from the Department of Defense.
“We fully expect that in the months ahead… we’ll be adding additional companies to the new executive order’s restrictions,” the White House said.