Biden to review Donald Trump's China investment blacklist: Report
Biden Trump
US President Joe Biden will this week, overhaul the list of Chinese firms that US investors are allowed to own shares in. Biden is re-evaluating world powers' relationship with China in post-Trump era. He is aiming to do so while maintaining pressure on Beijing.
Trump, during his term as US President had barred Americans from buying shares in 31 Chinese companies that were seen by the US to be supplying or supporting China's military and security apparatus. These companies include major telecom firms, technology and construction firms such as China mobile, China Telecom, video surveillance firm Hikvision, and China Railway Construction Corp.
It was among a series of measures by the White House aimed at quelling the Asian giant's rise and which has left ties between the two severely strained.
Now, the Treasury Department will create a list of firms that'll be hit with financial penalties for links with Chinese defence and surveillance technology sectors, Bloomberg News reported without citing sources. The president is expected to sign the order this week, it added.
Previously, the sanctions and choice of targets were tied to a congressionally mandated Defense Department report.
The review from Biden administration has come after two Chinese successfully challenged the order in court, and Biden said it was needed to be sure it was legally watertight and sustainable.
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While the Biden administration has pledged to take a more diplomatic line with China following the upheaval of his predecessor, he has said he will keep to a strict line on several issues including defence and technology.
He is expected to keep the list largely intact, while the Treasury's Office of Foreign Assets Control will add new firms after consulting the departments of Defense and State.
Tough line on China has a rare cross-party support in US Congress. US lawmakers are determined to keep lid on China's growing clout.
(With inputs from agencies)