We won’t allow Western capital to fuel rise of China: Rep. Barr

Rep. Andy Barr., R-Ky., argued American money must be blocked from flowing into China for both financial and national security reasons on FOX Business’ "Mornings with Maria."

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REP. ANDY BARR: We do need to address this issue of Western capital flows into China that are fueling the rise of China's economic, technological and military strength. 

We know that U.S. investors hold about $1.1 trillion in Chinese equities, over $100 billion in Chinese debt. Americans are exposed to companies like Evergrande, Didi, Ant Financial, where we see Western capital being trapped over there. But this goes beyond U.S. investor protection. 

It is about Americans unwittingly financing the rise of Chinese military, technology and surveillance companies that threaten U.S. national security. That's why we propose in this legislation to use the U.S. Department of Treasury Office of Foreign Asset Control to sanction all of these Chinese companies, whether they're listed on U.S. exchanges or they’re private companies, to send a signal that we will not allow Western capital to fuel the rise of China. 

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