06-03-2021, 02:17 PM
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WASHINGTON (BLOOMBERG) - US President Joe Biden plans to amend a ban on investments in companies linked to China's military this week, after the Trump-era policy was challenged in court and left investors confused about the extent of its reach to subsidiary firms, people familiar with the matter said.
Under Mr Biden's amended order, the Treasury Department will create a list of companies that could face financial penalties for their connection to China's defence and surveillance technology sectors, the people said. Until now, the financial sanctions and selection of targeted companies were tied to a congressionally-mandated Defence Department report.
The amended order, which Mr Biden is expected to sign later this week, will change the criteria for blacklisting entities to capture those that operate in the defence or surveillance technology sectors. The Trump order targeted companies owned, controlled or otherwise affiliated with the Chinese military.
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