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U.S. national security demands divestment from Communist China
U.S. Senator Marco Rubio (R-FL)
December 6, 2022
Washington Examiner
[S]cattered across the world, there are hundreds, if not thousands, of CCP-controlled companies being strengthened and supported by U.S. capital. This is a serious threat to our national security. It’s also a threat to our economy…. In recent years, corporate crackdowns by the CCP have cost Americans hundreds of billions of dollars….
One bit of good news is that Congress has empowered regulators to remove suspicious Chinese firms from American markets with the Holding Foreign Companies Accountable Act…. Unfortunately, President Joe Biden will undermine those efforts if he succeeds at striking an arrangement with Beijing to keep Wall Street’s cash flowing to China….
Fortunately, countering China is one of the few areas where Congress may find common ground in the coming years. If policymakers get their act together, there is hope that we can make real progress toward disentanglement from Beijing….
But policymakers need not only use a stick…. [W]e should also be able to use a carrot, rewarding companies that reinvest close to home with tax benefits, as my MMEDS Act would do for pharmaceutical manufacturers.
Washington does not need to adopt Beijing’s own model of micromanaging the economy nor should it. But the status quo, in which our greatest geopolitical adversaries are supported by billions of U.S. dollars, is simply unacceptable. We need a new investment framework to align financial interests with the national interest. Otherwise, we will be responsible for our own downfall.