RRepublicans in Congress should oppose their GOP colleagues Patrick McHenry (R-NC) and Rep. Andy Barr (R-KY), who are trying to block the Biden administration from curbing US investment in China’s technology sector. A future executive order from the Biden administration appears to broadly restrict US capital to China’s technology sector. Broader restrictions are needed to reduce China’s ability to circumvent the narrower restrictions it has established.
These restrictions should be introduced as soon as possible. Even small state-controlled private sector entities in China’s tech sector ultimately serve the interests of the Communist Party. Xi Jinping has recently reinforced this perception with a crackdown on private entities seen as highly neutral. When it comes to technology, the main need is not only economic. Equally, he wants to use technological innovation to produce new tools. An already powerful hypersonic vehicle and a ‘carrier killer’ ballistic missile propulsion system.
Biden said the best way to beat Trump is to remain silent on the charges
Tolerating US funding for China’s tech sector means killing Chinese-enhanced US military personnel and winning the US a war. It must be unimaginable. Unfortunately, McHenry and Barr are trying to undermine Biden’s proposed restrictions in their influential positions on the House Financial Services Committee.
Morgan Chalfant reported on Friday that Barr said he wants to “block the White House’s executive order … that would establish a vetting process for US investments in China’s technology sectors.” Barr told Chalfant that he met with BlackRock CEO Larry Fink and JPMorgan CEO Jamie Dimon. McHenry said the committee will “put all options on the table” when asked about plans to disrupt the executive branch.
It is not surprising that they take this position. Barr and McHenry each received a total of $12,900 from BlackRock sources during the 2022 election cycle. McHenry received $28,115 from people associated with JP Morgan in the 2022 cycle, the largest amount the company and its employees have donated to any Republican House candidate. Not surprisingly, Fink and Dimon want to protect American investment in China’s tech sector. As I mentioned in December, BlackRock is pushing a Chinese technology investment fund. On June 1, the company updated its expectations on the same offering. Similarly, Dimon underlined his interest in Chinese business during his recent visit to Beijing.
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Republicans should not go along with this pro-China effort. Xi has ordered his military to be ready to invade Taiwan by 2030, and President Joe Biden has said four times that he would order US military intervention under those circumstances. The People’s Liberation Army could defeat the US Army in such a conflict. Indeed, even an American victory would result in the deaths of thousands of American service personnel. In less than a month, the war will see America’s casualties piled on top of the wars in Iraq and Afghanistan. Probably too many.
The country may soon face a war with China. Helping China fight a war is not part of a congressman’s job description. At least it shouldn’t be. Top line: Fink and Dimon are not allowed to invest in American burial sites at the bottom of the East and South China Seas.