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Leaving aside the issue of Chinese companies' work with their government (which would need a whole separate topic), this is not much more than the outgoing administration trying to do its best to piss off the incoming administration. Biden's band has nothing to lose now, while Trump's team will have to do all the explanations for any Chinese company removed from whatever list Biden has put it on.

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Every company based in China is part of the Chinese military to some extent as pursuant to Chinese law which mandates their cooperation with the Chinese military, whether that's information warfare or influence warfare or physical warfare.

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