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Bloomberg
A year ago, President Xi Jinping asked the US to treat Chinese companies “fairly†in a letter read out at the White House to mark the signing of a landmark trade deal between the world’s biggest economies.
At the time, President Donald Trump’s actions against China Inc had mostly been aimed at tech giant Huawei Technologies Co, which had become a global leader in the race to set up 5G networks across the world. And even though it was blacklisted, Huawei enjoyed an ample supply of the radio chips critical to maintaining its dominance.
Now, with Trump set to leave office next week, dozens of strategic Chinese companies find themselves in US crosshairs after a year that saw relations nosedive as the coronavirus pandemic took hold. Besides closing loopholes on Huawei, effectively
knee-capping its smartphone business, the Trump administration took a wide range of actions to thwart China’s efforts to dominate high-tech industries that
will drive growth over the next few decades.
The profile of the companies targeted, including in the latest announcements, is staggering. They include China’s three biggest telecom firms, its top chipmaker, its biggest social media and gaming players, its
top two smartphone makers, its main deepwater energy explorer, its premier military aerospace contractor, its leading drone manufacturer and its primary commercial planemaker.
At risk is China’s ability to
produce everything from 5G networks to a passenger jet to
compete with Boeing Co and
Airbus SE.