Rep Mike Gallagher, center, chair of the House Select Committee on the Chinese Communist Party, speaks at a press conference following a GOP caucus conference at the Republican National Committee workplaces in Washington, D.C., onFeb 28,2023 He is signed up with by fellow RepublicansRep Elise Stefanik, left, and Majority Whip Steve Scalise.
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Sequoia Capital China, Qualcomm Ventures and 3 other equity capital companies raked a minimum of $3 billion into Chinese tech business that support Beijing’s military and its repression of minorities in Xinjiang, a U.S. congressional report declared on Thursday.
The House of Representatives’ choose committee on China, led by Republican Congressman Mike Gallagher, launched the report, which likewise inspects financial investments made by GGV Capital, GSR Ventures and Walden International in Chinese expert system and semiconductor companies with unpleasant ties.
Reuters might not reach the equity capital companies for remark.
The Committee contacted the Biden administration to limit U.S. financial investment in Chinese companies approved by the U.S. federal government over ties to China’s military or its repression of minorities and advised it to strengthen current U.S. curbs on U.S. financial investment in China to consist of more sectors.
“The status quo is untenable… Decades of investment—including funding, knowledge transfer, and other intangible benefits—from U.S. VCs have helped build and strengthen the PRC’s (People’s Republic of China) priority sectors,” the report stated.
The White House did not react to ask for remark.
The Chinese Embassy in Washington stated using nationwide security and human rights as a pretext to limit U.S. financial investments in China “will undermine the principle of free trade…, destabilize the global…supply chains and serve the interests of no one.”
