Biden adds Chinese aerospace firms to US investment blacklist
US President Joe Biden extended the blacklist of Chinese companies which can no longer benefit from US investments on June 3, 2021. Those companies are suspected of supporting Beijing's military activities.
Among them, several aerospace companies were added, notably the state-owned consortium Aviation Industry Corp of China (AVIC). Some of AVIC subsidiaries include Chengdu Aircraft Industry Group, manufacturer of the fifth-generation fighter jet J-20, or Xian, which produces the H-6 strategic bomber, itself derived from the Russian Tupolev Tu-16.
US investors involved with the banned companies have one year to divest, according to Bloomberg.
On June 4, 2021, Beijing strongly condemned the decision, accusing Washington of unfairly cracking down on its companies. "China will take the necessary measures to resolutely defend the rights and legitimate interests of Chinese companies," Chinese Foreign Ministry spokesman Wang Wenbin told local media.
The initial blacklist was put in place by President Donald Trump on November 12, 2020. and included 31 companies, believed to be supplying or supporting the Chinese military and security complex. On January 14, 2021, the Trump administration extended the investment ban on the Chinese aircraft manufacturer Commercial Aircraft Corporation of China (COMAC).
Most Chinese aerospace companies are also prohibited from acquiring parts from US-based companies.
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