US drops plans to blacklist tech firms
Print Edition
The Trump administration has scrapped plans to blacklist Chinese tech giants Alibaba, Tencent and Baidu, people familiar with the matter said, but Washington nonetheless plans to move forward this week with a bid to add as many as nine other Chinese companies to the list.
E-commerce giant Alibaba, search engine giant Baidu and video game leader Tencent, which owns messaging app WeChat, were on the short list to be added to a catalogue of alleged 鈥淐hinese military companies,鈥 which would have subjected them to a new US investment ban.
But Treasury Secretary Steven Mnuchin pushed back, freezing the plans, the people said.
In response, China reiterated its opposition to 鈥減oliticizing economic and trade issue and abusing state power and the concept of national security.鈥
鈥淭he US side should respect the principles of market economy and fair competition, abide by international economic and trade rules, and provide an open, fair, just and non-discriminatory business environment for foreign companies operating in the United States, including Chinese ones,鈥 foreign ministry spokesperson Zhao Lijian said yesterday.
Alibaba and Baidu trade on the Nasdaq, while Tencent is listed in Hong Kong where Alibaba also has a secondary listing.
Among the 35 companies that the US Department of Defense has blacklisted so far are China鈥檚 top chipmaker SMIC and oil giant CNOOC.
US President Donald Trump has signed an order strengthening a November ban on US investments in these companies, the White House said on Wednesday, curbing Chinese access to US capital markets days before he leaves office.
Under the amended directive, by November 11, 2021, US investors will be required to have completely divested their holdings of securities of companies designated by the defense department as 鈥渙wned or controlled by the Chinese military.鈥
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