WASHINGTON — A leading House Republican voice on the national security threat posed by China said the White House’s plan to restrict outbound investment in the Chinese military and defense companies falls short of addressing the real problem.
President Joe Biden’s executive order, which is expected to be implemented next year, “takes an important step in the right direction,” but it should have accounted for public market investments into Chinese firms collaborating with the Chinese military or complicit in human rights abuses, Rep. Mike Gallagher, said on CNBC’s “Squawk Box” on Friday.
The executive order will also require outbound U.S. investors to notify the Treasury Department about transactions involving certain technologies that could pose a threat to the United States.
The Wisconsin Republican is the chairman of the House Select Committee on the Chinese Communist Party and a leading voice in the House on the risks of U.S. investment in China.
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