Washington DC [US], April 22 (ANI): The Select Committee on China expressed its approval of the US Trade Representative's conclusions from the Section 301 investigation regarding China's excess shipbuilding capacity.

In a unified statement, Chairman John Moolenaar and Ranking Member Raja Krishnamoorthi conveyed their optimism about the USTR's choice to finally address Beijing's extensive use of subsidies and state-run companies to gain control over global shipbuilding and maritime logistics, as per a release from SCCCP.

'We are encouraged by USTR's decision to take meaningful action to counter China's unfair and aggressive push to dominate global shipbuilding and maritime logistics. This is the same playbook we've seen in semiconductors and solar, massive subsidies, anti-competitive tactics, and an effort to edge out American workers and businesses,' as quoted by SCCCP release.

'The US builds just a fraction of the world's ships, while China leverages its commercial shipbuilding advantage to expand its lead as the world's largest navy. These targeted measures by USTR, alongside the administration's executive order, are an impactful and necessary step toward protecting our national security, revitalising America's maritime strength, and strengthening our supply chains', the SCCCP release stated.

Recently, JPMorgan Chase & Co. CEO Jamie Dimon and Bank of America CEO Brian Moynihan received a letter from John Moolenaar, chairman of the United States House Select Committee on the Chinese Communist Party (SCCCP), urging the banks to withdraw their involvement in the upcoming Hong Kong IPO of Contemporary Amperex Technology Co, Limited (CATL).

The Department of Defense has identified CATL as a 'Chinese military company' under Section 1260H of the National Defense Authorisation Act, according to a report from the SCCCP. The letters indicate growing concerns that the participation of JPMorgan and Bank of America in the CATL IPO is directly contributing to the Chinese Communist Party's ongoing human rights abuses and military expansion.

The SCCCP specifically noted CATL's role in enhancing China's submarine fleet with advanced lithium-ion batteries and its ties to the Xinjiang Production and Construction Corps (XPCC), a sanctioned paramilitary organisation linked to the persecution of Uyghur Muslims. (ANI)