The Biden administration implemented a ban on all U.S. investment in four of China’s biggest maritime players, including world’s largest shipbuilder, China State Shipbuilding Corporation (CSSC).
The new executive order will come into effect on 2 August, hitting 59 firms, while the list of firms will be updated on a rolling basis. It expands an order previously issued by former President Donald Trump.
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“President Biden also expanded the scope of this national emergency by finding that the use of Chinese surveillance technology outside the PRC, as well as the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuses, constitute unusual and extraordinary threats.
This E.O. allows the United States to prohibit – in a targeted and scoped manner – U.S. investments in Chinese companies that undermine the security or democratic values of the United States and our allies”.
… according to the order.
In light of the situation, U.S. citizens may no longer hold securities in CSSC; China Shipbuilding Industry Corporation (CSIC), recently absorbed by CSSC; China National Offshore Oil Corporation (CNOOC), China’s primary offshore oil and gas developer; and China Communications Construction Corporation (CCCC), the infrastructure firm known for its “Belt and Road” overseas port projects.
