The U.S. Defense Department has added additional Chinese firms to a blacklist that bars Americans from investing in them, including the drone manufacturer DJI Technology and the manufacturer of surveillance equipment Zhejiang Dahua Technology.
The Pentagon released a list of 13 additional companies on Wednesday. These included BGI Genomics Co Ltd, which manages a sizable gene database and has DNA-sequencing agreements with hospitals and universities around the world, and CRRC Corp, which manufactures and sells rail transit equipment.
Investment Prohibition for Chinese Companies
The Chinese military helped BGI develop its prenatal tests, and based on the sources, an analysis of scientific publications and commercial statements last year revealed that BGI was using them to gather genetic data for extensive research on the features of populations.
the Pentagon said in a statement that the Department is devoted to exposing and thwarting the People’s Republic of China’s military-civilian fusion strategy, which aids the People’s Liberation Army’s modernization objectives by ensuring that access to cutting-edge technologies and expertise is provided by PRC businesses, academic institutions, and research initiatives that have the appearance of being civilian organizations.
The purchase or sale of publicly traded securities in target corporations is prohibited by the list. In June of last year, the first batch of roughly 50 Chinese companies, including telecom equipment manufacturer Huawei, was added to the U.S. list.
Joe Biden and U.S.
President Joe Biden issued an executive order at the time prohibiting American companies from funding the hundreds of Chinese firms allegedly connected to the defense or surveillance technology industries.
The directive was intended to stop U.S. investment from assisting Chinese military, intelligence, and security initiatives, as well as the military-industrial complex. It was a component of Biden’s larger anti-China strategy, which included fortifying American allies and pursuing significant homegrown investments to increase American economic competitiveness despite deteriorating ties between the two largest economies in the world.
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