Thursday, June 1, 2023
HomeEconomyU.S. expands investment ban on China's BGI, drone maker DJI

U.S. expands investment ban on China's BGI, drone maker DJI

By Kanishka Singh

WASHINGTON (Reuters) – The U.S. Department of Defense will include drone maker DJI Technology and surveillance equipment maker Zhejiang Dahua Technology Co., Ltd. Many Chinese companies are blacklisted, put them on the blacklist.

BGI Genomics Co Ltd operates a large genetic database and has DNA sequencing contracts worldwide, including CRRC, which manufactures and sells rail equipment. 13 added to the list released by the Pentagon on Wednesday.

Last year, a Reuters review of scientific papers and company statements found that BGI was using a prenatal test developed in collaboration with the Chinese military to collect genetic data to conduct a comprehensive study of population characteristics.

“The Department of Defense is determined to highlight and counter the People’s Republic of China’s military-civilian integration strategy,” the Pentagon said in a statement.

It added that the modernization of China’s military The goal is to ensure that it has access to advanced technology and expertise, acquired and developed by Chinese companies, universities and research projects that “appear to be private entities”.

Purchase or sale of publicly traded securities of the target company.

Last June, an initial portion of about 50 Chinese companies, including telecom equipment maker Huawei, were added to the U.S. list.

At the time, President Joe Biden signed an executive order barring U.S. investment in dozens of Chinese companies with alleged ties to defense or surveillance technology.

The order seeks to block U.S. investment in support of China’s military-industrial complex, as well as military, intelligence, and security research and development programs.

As relations between the world’s two largest economies deteriorate, Biden is part of his efforts to counter China, such as strengthening the U.S. alliance and seeking large-scale domestic investment to make the U.S. economy more competitive.

In a statement, the Chinese drone maker said there was “no reason” to add it to the blacklist.

“DJI is the only drone company that explicitly condemns and actively prevents the military use of our products,” it said, adding that it Not the military

“DJI has never designed or manufactured military-grade equipment, nor has it marketed or sold its products for military use in any country,” it said.



Please enter your comment!
Please enter your name here


Featured NEWS