A US congressional report has slammed three distinguished enterprise capital corporations of supporting Chinese language military-linked companies. In line with a report in information company Reuters, these VC corporations plowed no less than $3 billion into Chinese language tech corporations that help Beijing’s navy and its repression of minorities in Xinjiang.
Corporations named within the report
The three VC corporations named within the US congressional report are: Sequoia Capital China, Qualcomm Ventures, GGV Capital, GSR Ventures and Walden Worldwide plowed no less than $3 billion into Chinese language tech corporations that help Beijing’s navy and its repression of minorities in Xinjiang.
The report has been launched by the Home of Representatives’ choose committee on China, led by Republican Congressman Mike Gallagher. The additionally scrutinizes investments made these VC corporations in Chinese language synthetic intelligence and semiconductor companies with unsavory ties.
The Committee referred to as on the Biden administration to limit US funding in Chinese language corporations sanctioned by the US authorities over ties to China’s navy or it repression of minorities and urged it to bolster current US curbs on US funding in China to incorporate extra sectors.
“The established order is untenable… A long time of investment-including funding, data switch, and different intangible benefits-from U.S. VCs have helped construct and strengthen the PRC’s (Folks’s Republic of China) precedence sectors,” the report mentioned.
Corporations named within the report
The three VC corporations named within the US congressional report are: Sequoia Capital China, Qualcomm Ventures, GGV Capital, GSR Ventures and Walden Worldwide plowed no less than $3 billion into Chinese language tech corporations that help Beijing’s navy and its repression of minorities in Xinjiang.
The report has been launched by the Home of Representatives’ choose committee on China, led by Republican Congressman Mike Gallagher. The additionally scrutinizes investments made these VC corporations in Chinese language synthetic intelligence and semiconductor companies with unsavory ties.
The Committee referred to as on the Biden administration to limit US funding in Chinese language corporations sanctioned by the US authorities over ties to China’s navy or it repression of minorities and urged it to bolster current US curbs on US funding in China to incorporate extra sectors.
“The established order is untenable… A long time of investment-including funding, data switch, and different intangible benefits-from U.S. VCs have helped construct and strengthen the PRC’s (Folks’s Republic of China) precedence sectors,” the report mentioned.