Home » Companies linked to the Chinese regime took advantage of US loans

Companies linked to the Chinese regime took advantage of US loans

by archyw
Chinese companies linked to the Xi Jinping regime are listed as owners of companies in the US. (File)

The existence and reputation of 125 American companies is in jeopardy for granting the Chinese Communist Party (CCP) commercial loans received from the US federal government. The funds were provided as part of helping to mitigate the economic effects of the pandemic, but these companies seem to have found other uses for it.

It is estimated that among the 125 companies they received up to $ 420 million from the Paycheck Protection Program (PPP). Of course, the source of that money comes from taxes paid by American citizens.

China, for the sake of its global expansion, has sought to interfere in all possible fields of its main rival: technology, weapons and even human talent. This time, secretly, he knew how to take advantage of the funds that had the true purpose of facing the consequences that COVID-19 is leaving in the United States, a virus that incidentally left China.

Independent organizations in the American Union are demanding a full audit of these companies linked to the Xi Jinping regime, which “kidnapped” a fortune from the pockets of the American population.

The threat from Beijing

So far the case has not had much prominence in public opinion, but it promises to grab headlines as more details come to light. Last year there was already a report on the corporate ties forged from China.

The strategic consulting group, Horizon Advisory, details each of the companies that received these loans. The risks were warned by Republican Senator Marco Rubio, who introduced conditions on which companies could receive them or not. His provisions as chair of the Senate Small Business and Entrepreneurship Committee were adopted in the second round of loans.

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There, conditions were required of companies such as having fewer than 300 employees, having had at least a 50% decrease in gross income, not being listed on the stock market or being linked to the People’s Republic of China.

Some companies identified in the report are:

  • Mattson Technology Inc., a California-based semiconductor company. Received between $ 2 million and $ 5 million in PPP loans, Mattson is owned by Beijing E-Town International Industrial Investment and Development, which receives Chinese state investment.
  • Continental Aerospace Technologies (CAT). It received $ 10 million and is owned by the Chinese military company Aviation Industry Corp.
  • HNA Group North America LLC and HNA Training Center NY. They received between $ 350,000 and $ 1 million. Both are subsidiaries of China HNA Group, a conglomerate of companies involved in aviation, real estate, financial services, tourism and other industries.

“All federal agencies and all legislators must take the threat from Beijing seriously and make sure that US tax dollars do not give Chinese companies an unfair advantage over small US companies,” Marco Rubio told The Epoch Times.

In mid-March, the Republican reintroduced a bill to prevent China from abusing US small business programs.

The Divorce Between Business and Republicans

The Republican Party has shown in recent weeks a general distancing from large companies, regardless of whether they are linked to China or not. The new electoral law enacted in Georgia was a turning point in these relations. Companies such as Coca-Cola Co, Delta Air Lines and Microsoft Corp decided to speak out and reject it.

In order to have fair and safe elections, Governor Brian Kemp signed legislation that shortens the early voting period for the second round, strengthens identification requirements for absentee ballots, and restricts voting by mail.

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This was seen by these companies as an “unacceptable” decision. Mitch McConnell, Senate Republican Minority Leader, singled out the private sector as acting as a “shadow government of activism.” Republican Senator Ted Cruz announced that he “will no longer accept money from any corporate political action committee.”

Corporations in the country have also resorted to progressivism as a market strategy, which marks a distance from the Republican Party and its fundamental precepts.

China’s links with some companies and this marked progressivism of others, begin to delimit a new map of relations with the party of former President Donald Trump. An article from New York Post, cites that the future of the bench “lies in the multiracial political coalition of the working class, not in the upper management.”

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