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Washington:
Raising issues over the Chinese Communist Party’s (CCP) risk to American nationwide safety, the US State Department on Saturday (native time) have listed over 80 Chinese firms which are listed on the US inventory change. The US retail traders have been investing unknowingly in these Chinese firms which are concerned in each civilian and navy manufacturing, the State Department mentioned.
According to an official assertion issued by the State Department, “The Chinese Communist Party’s threat to American national security extends into our financial markets and impacts American investors. Many major stock and bond indices developed by index providers, like MSCI and FTSE, include malign People’s Republic of China (PRC) companies, listed on the Department of Commerce Entity List and/or the Department of Defense List of Communist Chinese military companies. The money flowing into these index funds – often passively, by US retail investors – supports Chinese companies involved in both civilian and military production.”
It additional mentioned that a few of these firms produce applied sciences for “surveillance of civilians and repression of human rights”, as is the case of “Uyghurs and other Muslim minority groups in Xinjiang, China”, in addition to in different repressive regimes, equivalent to in Iran and Venezuela.
Some of the businesses named within the listing embody — China Aerospace Science and Technology Corporation, Aviation Industry Corporation of China, China State Shipbuilding Corporation,Huawei Technologies, China Spacesat, AVIC International Holdings Ltd., Xi’an ChenXi Aviation Technology Corp. Ltd.
“As of June 2020, at least 22 of the 31 parent-level PRC military companies had affiliates’ securities included on a major securities index, including at least 68 distinct affiliate-level securities issuers; at least 13 PRC firms on the Entity List had affiliates or parent companies included in the MSCI or FTSE stock indices; and the MSCI emerging market index included 230 A-shares Chinese stocks incorporated on the mainland, quoted in renminbi, and listed on Chinese Communist Party-controlled Shanghai and Shenzhen exchanges,” the State Department mentioned.
This listing comes amid deteriorating relations between the US and China.
On Friday, the US terminated 5 programmes that had been disguised as “cultural exchanges”, with China as they’re “fully funded and operated by the PRC government as soft power propaganda tools”.
On December 3, the US authorities had issued an order to dam cotton imports from a Xinjiang governmental organisation in China as a result of ongoing human rights abuses of Uyghurs.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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