Us, Trump

Us, Trump

Trump administration readies crackdown on US investments in Chinese firms: Report

Trump administration readies crackdown on US investments in Chinese firms: Report

12/11/2020 11:22:00 PM

Trump administration readies crackdown on US investments in Chinese firms: Report

The Trump administration is finalising an executive order to prohibit US investments in Chinese firms that Washington says are owned or controlled ...

BookmarkWASHINGTON: The Trump administration plans to unveil an executive order to prohibit US investments in Chinese firms that Washington says are owned or controlled by the Chinese military, according to three sources familiar with the matter, ramping up pressure on Beijing after the US election.

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The order, which could impact some of China's biggest companies, including telecoms firms China Telecom Corp, China Mobile and surveillance equipment maker Hikvision, could be released as soon as Thursday, two US officials and one other person familiar with the matter said.

AdvertisementAdvertisementOne of the sources said US President Donald Trump had already signed the order.The White House National Security Council (NSC) did not immediately respond to a request for comment.The move is designed to deter US investment firms, pension funds and others from buying and selling shares of 31 Chinese companies that were designated by the Defense Department as backed by the Chinese military earlier this year. Starting Jan. 11, the order would prohibit any transaction by US investors in their securities. headtopics.com

One of the sources, a US official speaking on the condition of anonymity, said an executive order and statement from the NSC was expected as early as Thursday"on protecting investors from funding these companies." Read more: CNA »

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