The President of the United States, Joe Biden recently signed a new executive order for amending a ban on investment by US companies in Chinese firms that was begun under the predecessor, where around 59 Chinese firms which have tied with the Chinese’s military or under the surveillance industry. In the list of 59 ban companies, the electronic company Huawei Technologies Co. including the three biggest telecommunications firms have been added to the list.
Along with this announcement, the time schedule and date have also announced by the US Government. The ban on investing in Chinese firms will take place at 12:01 AM on Monday, August 2, 2021, in New York, as per the reports of the administration officials, who mainly analyzed the anonymity. Now, the investors will have a time of one year to fully dispossess.
Well, the order of Joe Biden is a similar policy issued by the former President Donald of the US that was challenged in the court, and also, many investors were being confused on the extent of the reach to subdivisions of the companies. According to the reports, the position of Biden was closely watched by Wall Street and Capitol Hill on Donald Trump’s order. Where both lawyers from both parties were called for the hard posture against China’s issue from trade to human rights.
Many companies in the list of Biden orders have already added to the list of Trump’s administration list. While many telecommunications companies have added to the list and they are on the top of the list. While, many nation’s largest telecommunication companies including China Unicom Limited, China Telecommunications Corporations, and China Mobile Communications Group Co. have added to the list.
While the list of ban companies came out officially, the Aviation Industry Corporation of China is also coming to the list of Biden and it is one of the best-known companies of the Military Giants of China. Along with this, the China Aerospace Science and Industry Corporation Limited, China North Industries Group Corporation, and China Shipbuilding Industry Company are some of the defense companies which come to the list of Biden.
In the list of Biden, some more companies also come including the developing company of surveillance camera and face recognition technology, (Hangzhou Hikvision Digital Technology Company) and this company helps Chinese authorities to provide a safe city in Xinjiang where many Uyghurs faced oppression. Along with this, some companies have not been added to the list of Biden which was also covered by Trump in ban where Jiangxi Hongdu Aviation Industry Company and Zhonghang Electronic Measuring Instruments Company did not add to the list.
