Top US firms that invested $3B in Chinese military, tech revealed by House panel investigation
NY Post
US venture capital firms have sunk at least $3 billion in Chinese tech companies that have aided the Communist government and its military — as well as the ongoing genocide against Uyghur Muslims in Xinjiang, according to a Thursday report from a bipartisan House panel.
The House Select Committee on the Chinese Communist Party (CCP) released findings from its probe of five firms that supported Beijing’s military, enabled human rights abuses and boosted China’s semiconductor sector, Chairman Mike Gallagher (R-Wis.) and Ranking Member Raja Krishnamoorthi (D-Ill.) said.
The investments by GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital China and Walden International totaled more than $1.9 billion in Chinese artificial intelligence companies and $1 billion in more than 150 semiconductor firms.
But the lawmakers say their findings “merely scratched the surface of the danger that American investment into Chinese industry poses to our national security.”
“The Committee’s findings suggest that there are billions of dollars beyond those captured in this report that have flowed into PRC companies that support the PRC’s military, digital authoritarianism, and efforts to develop technological supremacy and undermine American technological leadership,” Gallagher and Krishnamoorthi wrote in the 66-page report.
“The status quo is untenable,” they added. “Decades of investment—including funding, knowledge transfer, and other intangible benefits—from U.S. VCs have helped build and strengthen the PRC’s priority sectors.”
