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US lawmakers accuse VC firms of funding Chinese military-linked firms

2024.02.08 15:52


© Reuters. FILE PHOTO: Chairman U.S. Representative Mike Gallagher (R-WI) speaks with former Secretary of State Mike Pompeo, and former CIA director and former protection secretary Leon Panetta, throughout a listening to of the House Select Committee on the Strategic Competitio

WASHINGTON (Reuters) – Sequoia Capital China, Qualcomm (NASDAQ:) Ventures and three different U.S. enterprise capital firms plowed a minimum of $3 billion into Chinese tech firms that help Beijing’s army and its repression of minorities in Xinjiang, a U.S. congressional report alleged on Thursday.

The House of Representatives’ choose committee on China, led by Republican Congressman Mike Gallagher, launched the report, which additionally scrutinizes investments made by GGV Capital, GSR Ventures and Walden International in Chinese synthetic intelligence and semiconductor firms with unsavory ties.

Reuters couldn’t instantly attain the enterprise capital firms for remark.

The Committee referred to as on the Biden administration to limit U.S. funding in Chinese firms sanctioned by the U.S. authorities over ties to China’s army or it repression of minorities and urged it to bolster latest U.S. curbs on U.S. funding in China to incorporate extra sectors.

“The established order is untenable… Decades of funding—together with funding, data switch, and different intangible advantages—from U.S. VCs have helped construct and strengthen the PRC’s (People’s Republic of China) precedence sectors,” the report stated.

The White House and the Chinese Embassy in Washington didn’t instantly reply to requests for remark.

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