There was widespread expectation and concern from the Republicans that Joe Biden would be softened in China during his presidency. However, the US president was a more hawk than many people expected.
Investors exposed to Chinese stocks could be a source of concern as tensions between the US and China continue to unfold under the Biden administration. Since taking up position in the Oval Office at the beginning of the year, the president has described China as an assertive competitor in the open international system, and has since blacklisted stocks that are considered security risks. did.
On Thursday, the Commerce Department blacklisted seven Chinese supercomputing organizations due to national security horrors. Among the entities added to the list are Tianjin Phytium Information Technology, Shanghai High-Performance Integrated Circuit Design Center, Sunway Microelectronics, Jinan, Shenzhen National Supercomputing Center Wuxi, and National Supercomputing Center Zhenghou.
According to the US government, the seven entities were blacklisted because they built supercomputers for use by Chinese military officials and were engaged in military modernization efforts and weapons of mass destruction programs.
This is a long-running accusation against China, completely denies these forms of industrial spying.
– Advertising –
“Supercomputing capabilities are essential for the development of many, perhaps almost all modern weapons and national security systems, such as nuclear weapons and hi-sonic weapons,” US Secretary of Commerce Gina Raimondo wrote in a statement.
“The Commerce Department will use the full scope of the authorities to prevent China from leveraging US technology to support these volatile military modernization efforts,” she added.
Towards the end of his tenure, Donald Trump has signed a law from the US Public Accounts Oversight Committee stating that foreign companies will not be listed on US exchanges if they do not cooperate with audits for three years in a row.
According to records on the Boards website, there were 300 cases where inspections were denied. The majority were from Chinese companies, including Alibaba and Baidu, listed in the US.
However, despite rising tensions and strong US approach, 30 Chinese-based companies were listed on the US Stock Exchange in 2020.
