The US government has updated its list of Chinese companies in which US-based companies and individuals are banned from investing. The executive order from President Joe Biden includes a number of telecom companies, such as Huawei and China Mobile, as well as other tech, defense, energy and aerospace companies from China.
The decision continues a policy from the previous administration that seeks to block investment in companies seen as tied to the Chinese military. Biden said in a statement that the US is also concerned about the use of surveillance equipment made by Chinese companies in other countries, which could lead to repression or human rights abuses and also impact US national security.
Other companies on the list include China Telecom, China Unicom, Hikvision, chipmaker SMIC, Inspur, Panda Electronics and oil group CNOOC. The ban on the 59 companies in total takes effect 02 August.
Xiaomi successfully appealed its inclusion on the previous list in court and is not included in the new decision.
