Jefferson City News

In a hearing on Chinese sanctions, Chairman Blaine Luetkemeyer emphasized the threat posed by the Chinese Communist Party (CCP) to the United States. He highlighted the need for stronger sanctions and explored alternatives to bureaucratic regimes.

Chairman Luetkemeyer, who serves on the Select Committee on the Chinese Communist Party, expressed his concerns about the CCP's business model and its impact on the United States. He pointed out that 2023 was a critical year for US-Chinese economic relations, with several incidents highlighting the CCP's aggressive behavior.

"We saw Chinese security forces raid and imprison local staff at US consultancy firms Capvision, Bain & Company and Mintz, impose sanctions on US companies Lockheed Martin and Raytheon, ban US chipmaker Micron, detain a senior executive of Japan’s Astella Pharma Group, and hit London-headquartered Deloitte with a record fine," Chairman Luetkemeyer stated.

He also mentioned recent CCP sanctions on five U.S.-based companies, which resulted in the loss of their property in China and prohibited them from working with Chinese organizations and individuals. These sanctions were in response to U.S. arms sales in Taiwan, and Chairman Luetkemeyer warned that more sanctions could follow if China were to invade Taiwan.

Highlighting the need for caution, Chairman Luetkemeyer urged U.S. investors to reconsider doing business with Chinese organizations. He also emphasized the importance of outbound investment screening to ensure that investments do not harm the security of the United States and its allies.

"We need to outbound investment screening right," Chairman Luetkemeyer stated. He acknowledged the ongoing debates on this issue and applauded the efforts of his colleagues in Congress who are working on legislative solutions. He specifically praised a bill sponsored by Mr. Andy Barr, the Chairman of the Subcommittee on Financial Institutions and Monetary Policy, which takes a tough approach towards combating the economic threat from the CCP.

Chairman Luetkemeyer stressed the need to find the right balance between protecting Americans and promoting a global free market economy. He hoped that the hearing would contribute to productive conversations and shape good policy for the American people.

The remarks made by Chairman Luetkemeyer shed light on the concerns surrounding the CCP's aggressive actions and the importance of implementing stronger sanctions and better investment barriers. The hearing aims to address these issues and explore alternatives to bureaucratic regimes, with the goal of protecting the United States and its allies while promoting a thriving economy.