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Gulf Press > Business > US lawmakers push to limit investments in China over security worries
Business

US lawmakers push to limit investments in China over security worries

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Last updated: 2025/01/04 at 5:14 AM
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The Comprehensive Outbound Investment National Security (COINS) Act, introduced by Chairman John Moolenaar and Rep Andy Barr, aims to limit US investments in Chinese sectors that contribute to the Chinese Communist Party’s (CCP) military growth, technological advancements, and human rights violations. The bill seeks to protect American savings and retirement funds while cutting off financial support to sectors critical to China’s national security and economy. It sets clear guidelines for US investments to ensure that Americans’ funds are not channeled to companies in China that contribute to military threats or human rights abuses.

The COINS Act has also been introduced in the Senate by Senators John Cornyn and Tim Scott, who have been advocating for restricting US investments in China since 2016. Chairman Moolenaar emphasized the importance of the bill, stating that Americans have the right to expect their savings and retirement funds to be invested responsibly, without supporting the CCP’s military threats. Rep Barr highlighted the need for a strategic response to China’s growing ambitions, stating that the legislation aims to protect American innovation, strengthen national security, and ensure transparency in critical economic and technological sectors.

The COINS Act follows investigations by the Select Committee into US financial institutions’ involvement in investments contributing to China’s military and human rights violations. The Reset, Prevent, Build economic report recommended a strategy to address outbound investments in China, influencing the creation of the COINS Act. Investigations revealed that American venture capital firms had funneled billions of dollars into Chinese AI companies tied to military modernization and human rights abuses, as well as into China’s semiconductor industry to further Beijing’s military ambitions.

Another investigation found that US asset managers and index providers had allowed passive investments of billions of dollars into Chinese companies blacklisted by the US government for supporting CCP’s military and human rights violations. The COINS Act represents a significant step in restricting American capital flow into sectors undermining US national security, sending a strong message to China that the US will not allow its investments to fuel the growth of CCP’s military capabilities or human rights abuses.

In conclusion, the COINS Act introduced by Chairman Moolenaar and Rep Barr seeks to protect American funds from supporting sectors in China that contribute to military threats and human rights abuses. The bill has also been introduced in the Senate by Senators Cornyn and Scott, aiming to restrict US investments in China. Investigations by the Select Committee revealed significant investments in Chinese AI and semiconductor companies linked to military modernization and human rights violations, prompting the creation of the COINS Act. This legislation represents a crucial step in preventing American capital from undermining US national security and sending a clear message to China about the US’s stance on investments fueling CCP’s military capabilities and human rights violations.

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News Room January 4, 2025
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