A top senator is preparing a bill to ban Chinese companies from U.S. capital markets if they engage in spying, human rights abuse or support China's military, threatening a financial blow as tensions mount over COVID-19 and Beijing's crackdown on Hong Kong.
Republican Marco Rubio, a prominent China hardliner, said he plans to unveil the legislation in the coming weeks after the U.S. Department of Defense released a list of 20 companies that it alleges are owned or controlled by the Chinese military."The Chinese Communist Party's exploitation of U.S. capital markets is a clear and ongoing risk to U.S. economic and national security that must be addressed," Rubio said in a statement to Reuters.
The bill will also target companies that support Chinese industrial policy, according to Rubio, who spearheaded successful anti-China initiatives including legislation to sanction Beijing for its repression of Uighur minorities. Roger Robinson, a former White House official who supports curbing Chinese access to U.S. investors, said 13 of the 20 companies designated by the Defense Department last week as Chinese-military-backed have a presence in U.S. capital markets.
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