US President Joe Biden said China should not be involved in the development of global trade and technology rules. In his interview, Biden noted that the United States and Europe need to work in close coordination on global challenges and issues, without the involvement of China or anyone else. The head of the White House also emphasized that the world's major democracies may well offer a high-standard alternative to China for upgrading physical, digital and healthcare infrastructure. Last Thursday, Biden signed a decree prohibiting Americans from buying shares in 59 Chinese companies that Washington estimates are linked to the PRC's defense sector (including China's aviation and space sectors). The ban will take effect on August 2. The list of banned companies of the US Treasury includes such large corporations as the China State Military Industrial Company (CASIC), China Aerospace Science and Technology Corporation (CASC), Beijing and Hong Kong divisions of China Mobile, China National Nuclear Corporation CNNC and China National Offshore Oil Corporation. (CNOOC), China Railway Construction Company (CRCC) and a number of shipbuilding companies, SMIC semiconductor company, Huawei and a number of other enterprises.
