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Bull Trader USA

The Wall Street Journal: U.S. set to ban American investment in giant Chinese drone maker

WASHINGTON—The Biden administration plans to ban American investment in the world’s largest drone-maker and seven other Chinese companies for what the U.S. says are their roles in China’s mass surveillance of Muslim ethnic groups.

The Treasury Department is set to announce the blacklisting of the eight firms on Thursday, adding them to a list of companies that support China’s military, according to a draft of the announcement reviewed by The Wall Street Journal.

Companies being added to the list include commercial drone-making giant DJI Technology Co. and several leading developers of facial-recognition technology that have supplied products to China’s security agencies involved in the surveillance and detention of Uyghurs and other Muslim ethnic groups in the Xinjiang region.

In the draft announcement, the Treasury Department said the “action highlights how private firms in China’s defense and surveillance technology sectors are actively cooperating with the government’s efforts to persecute ethnic minorities.” The blacklisting, which was first reported by the Financial Times, prohibits Americans from investing in the companies.

An expanded version of this story appears on WSJ.com.

From MarketWatch’s archives (October 2019): Lobbying by giant Chinese drone maker hits record as U.S. lawmakers target its products

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