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Senate Passes Measures to Restrict Chinese Tech and Farming Interests
The US Senate has passed two measures that will impact China’s tech and farming industries in an effort to protect US interests.
US lawmakers have grown increasingly concerned about US investment in Chinese tech companies, potentially sowing the seeds that will undo US dominance in the tech industry.
“We shouldn’t be funding our own destruction,” said Rep. Mike Gallagher, Chairman of the House Select Committee on the Chinese Communist Party.
According to Reuters, the US Senate has taken action, approving an amendment to the National Defense Authorization Act (NDAA). The new measure would require US companies to notify authorities of any investments in Chinese tech companies.
“We need this type of outbound investment notification to understand just how much… critical technology we are transferring to our adversaries via these capital flows. With this information in hand, we can begin to take control of our economic future,” said Senator Bob Casey when urging senators to vote in favor of the amendment. The vote passed 91-6.
The Senate also passed another amendment to NDAA, one that adds additional reviews and restrictions on Chinese, Russian, Iranian, or North Korean interests purchasing US farmland. That amendment passed 91-7.
Senate Passes Measures to Restrict Chinese Tech and Farming Interests
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