U.S. is Stretching Power to Close Doors of Chinese Firms; HNA was Already a Mismatch

U.S. is Stretching Power to Close Doors of Chinese Firms; HNA was Already a Mismatch

High end meetings, influential firms, and desired offensive were not able to get regulators for approving an agreement with the firm of Anthony Scaramucci; SkyBridge Capital. The U.S. is ratcheting up its trade war with China, triggered in preventing the investment of the Chinese companies in the technology firms of U.S. Just more than almost two years ago, two of the senior executives from the mammoth Chinese alloy HNA encountered a meeting with the United States Treasury secretary; Steven Mnuchin, at his office. The two executives; Guang Yang and Adam Tan was found snapped with Mr. Mnuchin, holding a plane dummy of the Hainan Airlines; a HNA-owned carrier. They wanted to have an official talk through about the whereabouts of the American economy. But HNA had other immediate business deals that it was into purchasing the New York investment firm; the SkyBridge Capital.

The plans are targeted to stop China from moving further with its initiative of “Made in China 2025” in which it urges to march ahead in a series of technology fields such IT, biotech, aerospace, and electric vehicles amid others. As per “Wall Street Journal” report citing individuals popular with these plans, The Department of Treasury is making out rules to prevent the firms of China to have a 25 percent or even more stake from owning a U.S. company, which is seen by the Federal Government since its hold of important industrial technology.

Executives of HNA were keen to complete the agreement as was the co-founder of SkyBridge, who had a ray of hope to be selected to a White House post. Later another secretive meeting was held called the “Cfius”. The meetings were to take off power brokers of Washington by HNA. The Commerce Secretary Wilbur Ross, stated in a statement to “The Wall Street Journal” that the President has made clear about his desire in protecting American technology. All the possibilities that are in betterment for protecting the American technology, along with active changes over export controls, are under consideration and are being reviewed.

About the Author

Steven Burnett
Being one of the leading news writers of the dailyheraldbusiness, Steven holds a specialization in the domains of business and technology. The passion he has for the new developments in the connected devices, cloud technology, virtual reality, and nanotechnology is seen through the latest industry coverage which is done by him. His take on the consequences of digital technologies across the world gives his writing a modern and fresh outlook.