A congressional probe has determined that five US venture capital firms invested more than US$1 billion (S$1.35 billion) in China's semiconductor industry since 2001, fuelling the growth of a sector that the US government now regards as a national security threat.
Funds supplied by the five firms - GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital and Walden International went to more than 150 Chinese companies, according to the report released on Feb 8 by both Republicans and Democrats on the House Select Committee on the Chinese Communist Party.
The investments included roughly US$180 million that went to Chinese firms that the committee said directly or indirectly supported Beijing's military.
That includes companies that the US government has said provide chips for China's military research, equipment and weapons, such as Semiconductor Manufacturing International Corp, or SMIC, China's largest chipmaker.
The report by the House committee focuses on investments made before the Biden administration imposed sweeping restrictions aimed at cutting off China's access to US financing. It does not allege any illegality.
In August 2023, the Biden administration banned US venture capital and private equity firms from investing in Chinese quantum computing, artificial intelligence and advanced semiconductors.
It has also imposed worldwide limits on sales of advanced chips and chipmaking machines to China, arguing that these technologies could help advance the capabilities of the Chinese military and spy agencies.
Since it was set up a year ago, the committee has called for raising tariffs on China, targeted Ford Motor and others for doing business with Chinese companies, and spotlighted forced labour concerns involving Chinese shopping sites.
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