© Reuters. SUBMIT PHOTO: Chairman U.S. Representative Mike Gallagher (R-WI) talks with previous Secretary of State Mike Pompeo, and previous CIA director and previous defense secretary Leon Panetta, throughout a hearing of your home Select Committee on the Strategic Competitio
WASHINGTON (Reuters) -Sequoia Capital China, Qualcomm (NASDAQ:-RRB- 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.
Your 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 boost current U.S. curbs on U.S. financial investment in China to consist of more sectors.
“The status quo is illogical … Decades of financial investment– consisting of financing, understanding transfer, and other intangible advantages– from U.S. VCs have actually assisted construct and enhance the PRC’s (People’s Republic of China) concern sectors,” the report stated.
The White House did not react to ask for remark.
The Chinese Embassy in Washington stated making use of nationwide security and human rights as a pretext to limit U.S. financial investments in China “will weaken the concept of open market …, destabilize the international … supply chains and serve the interests of nobody.”