A U.S. lawmaker has proposed a bill to block Chinese biotech companies from doing business with the U.S. government over allegations of collusion with the Chinese military, and has raised concerns over economic, political and human rights issues in areas such as high tech, semiconductors and cotton production. Extend existing sanctions. .
China seeks to monopolize biotechnology as a future industry, and its biotech companies have “repeatedly collaborated with the People’s Liberation Army.” [the People’s Liberation Army] An organization with the power to compel the handover of data, according to a bill introduced this week by Republican Mike Gallagher of Wisconsin.
The bill names the Third Military Medical University and the High Altitude Medical Key Research Institute, claiming that these organizations are the Communist Party’s “instrument tools.” Other companies mentioned include BGI, formerly known as Beijing Genomics Institute, and WuXi Apptec, a sister company of WuXi Biologics.
27:21
Biden’s China high-tech policy goals: 10-year handicap
Biden’s China high-tech policy goals: 10-year handicap
“Preventing U.S. taxpayer funds from flowing to foreign adversary biotech companies like BGI with ties to the People’s Liberation Army, and preventing taxpayer funds from flowing to foreign adversaries to transfer Americans’ genetic data to foreign adversaries.” “The time has come to stop the purchase of biotechnology equipment that facilitates the transfer of biotechnology equipment,” according to the bill.
The move represents an expansion of Washington’s technology ban on Chinese companies. The biotechnology industry remained largely unscathed until recent provocations. Despite the summit between President Xi Jinping and President Joe Biden in California last November, it’s further evidence that Washington’s “small gardens and high fences” strategy is not getting any easier and is getting tougher. .
01:56
Biden to introduce new restrictions on US investment in China, declares technology sector ‘state of emergency’
Biden to introduce new restrictions on US investment in China, declares technology sector ‘state of emergency’
Wuxi Biologics fell 18% to HK$24.55, its steepest decline since Dec. 4, wiping HK$23.2 billion (US$3 billion) from its market capitalization. Wuxi Aptech, which only became a member of the Hang Seng Index last month, plunged 16% to HK$64.60.
Based on WuXi Apptec’s press statement, the proposed bill would allow the company to sponsor “civil-military fusion events” in mainland China, award awards to PLA researchers, and include PLA research in the corporate award selection process. He said he is inviting institutions.
Wuxi Biologics CEO Chris Chen was previously an adjunct professor at the People’s Liberation Army Academy of Military Medicine, it added. He made several phone calls to Wuxi Biologics’ headquarters in eastern Jiangsu province, but his calls went unanswered.
“This is just a proposal by an anti-China lawmaker, and it is very unlikely to become law and will take several years,” local media outlet Jiemian quoted Chen as saying in a report on Friday. “Personally, I have never held any position in a military institution. I will promptly provide an explanation,” he was quoted as saying.
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