Trump blocks US investment in firms linked to Chinese military

United States President Donald Trump has signed an executive order banning US investments in Chinese firms Washington claims are owned or controlled by the Chinese military, ramping up pressure on Beijing after the US election.

The order, which was first reported by Reuters, could affect some of China’s biggest companies, including telecoms firms China Telecom Corp Ltd, China Mobile Ltd and surveillance equipment maker Hikvision.

The move is designed to deter US investment firms, pension funds and others from buying and selling shares of 31 Chinese companies that were designated by the defence department as backed by the Chinese military earlier this year.

The order will ban any transaction by US investors in their securities starting on January 11, nine days before Trump is due to leave office and Democratic President-elect Joe Biden is scheduled to be inaugurated.