Rep. Mike Gallagher, centre, chair of the Residence Find Committee on the Chinese Communist Occasion, speaks at a news meeting pursuing a GOP caucus assembly at the Republican National Committee workplaces in Washington, D.C., on Feb. 28, 2023. He is joined by fellow Republicans Rep. Elise Stefanik, remaining, and The vast majority Whip Steve Scalise.
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Sequoia Cash China, Qualcomm Ventures and 3 other enterprise funds corporations plowed at minimum $3 billion into Chinese tech firms that assistance Beijing’s army and its repression of minorities in Xinjiang, a U.S. congressional report alleged on Thursday.
The Residence of Representatives’ pick out committee on China, led by Republican Congressman Mike Gallagher, launched the report, which also scrutinizes investments produced by GGV Funds, GSR Ventures and Walden Global in Chinese artificial intelligence and semiconductor corporations with unsavory ties.
Reuters could not achieve the enterprise capital corporations for remark.
The Committee named on the Biden administration to limit U.S. financial investment in Chinese corporations sanctioned by the U.S. federal government around ties to China’s armed service or its repression of minorities and urged it to bolster recent U.S. curbs on U.S. financial commitment in China to contain more sectors.
“The position quo is untenable… Decades of investment—including funding, awareness transfer, and other intangible benefits—from U.S. VCs have helped create and fortify the PRC’s (People’s Republic of China) precedence sectors,” the report claimed.
The White Property did not reply to requests for remark.
The Chinese Embassy in Washington said the use of countrywide stability and human legal rights as a pretext to limit U.S. investments in China “will undermine the principle of absolutely free trade…, destabilize the world wide…source chains and serve the interests of no one.”