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Congressman Guest Cosponsors Legislation to Curb Chinese Influence in American Free Market
Washington, D.C. – Last week, Congressman Michael Guest (MS-03) cosponsored the Exposing China’s Belt and Road Investment in America Act of 2021. The legislation would require the Committee on Foreign Investment in the United States (CFIUS) to review any foreign investment in the United States resulting in China’s control of a business or property. It also would ensure this review includes real estate acquisitions in the United States by a foreign person and the establishment of a U.S. business to operate this real estate.
“The Chinese Communist Party has used many tactics and strategies to gain an economic advantage over American businesses and institutions, one of which is to take advantage of incentives offered to American companies in order to expand their own influence. We will not allow China to exploit the free market with underhanded business tricks and closed-door deals.”
The Chinese Communist Party and their business subsidiaries routinely make “greenfield” investments, a foreign direct investment in which a parent company creates a subsidiary in a different country. The subsidiary then builds or expands operations while buying land, building factories, and taking advantage of state and local tax breaks in America to expand China’s influence in the United States.
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