Republican Senator John Cornyn said US investors have helped China build military power that endangers regional security and new action is needed to curb the flow of funding to critical industries in the Asian nation.
(Bloomberg) — Republican Senator John Cornyn said US investors have helped China build military power that endangers regional security and new action is needed to curb the flow of funding to critical industries in the Asian nation.
Cornyn said Thursday a measure he sponsored to require companies to notify the US government before investing in high-tech sectors in China should be a first step toward limiting investments there. The Senate on a 91-6 vote approved the provision as part of an annual defense bill.
“We literally, Americans, have built their economy and enabled them to rearm and threaten the safety and security of the Pacific region,” the Texas Republican said in an interview with Bloomberg Television. “That’s a mistake.”
The broader defense bill along with Cornyn’s measure is expected to pass the Senate this week, a move that comes as the Biden administration is drafting an executive order to further strengthen export controls on technology.
Biden officials are considering plans to screen and possibly prohibit investment in China’s semiconductor, quantum-computing and artificial intelligence sectors, according to people familiar with deliberations, who asked not to be identified because the details are still private.
Read More: US Plans Narrow China Tech Investment Limits, Likely by 2024
“Over the years, the Chinese Communist party has been very strategic and very shrewd,” Cornyn said. “They’ve encouraged foreign investment.”
Cornyn also said that he supports keeping Senate Republican leader Mitch McConnell in his post “as long as he wants the job,” despite an alarming moment Wednesday when McConnell abruptly froze in place for 20 seconds during a news conference.
Cornyn added that he doesn’t know how much longer McConnell wants to stay in the leadership post, but that he’s been highly effective for Republicans and has set the record for the longest-serving party leader in Senate history.
“Obviously we are all concerned about his health and his well-being, but my sense is he’s doing fine,” Cornyn said. “I support him in his current role as long as he wants to do it.”
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