Rep. Crawford Urges Treasury Department to Review Merger Between Chinese-Backed Companies

Apr 15, 2021
Press

FOR IMMEDIATE RELEASE
Contact: Sara Robertson (Sara.Robertson2@mail.house.gov)

Rep. Crawford Urges Treasury Department to Review Merger Between Chinese-Backed Companies

4/15/2021

Washington  Representative Rick Crawford (AR-01), joined by 15 of his House colleagues, sent a letter to Secretary Yellen of the U.S. Department of Treasury requesting a review of the merger between ChemChina, Sinochem, and Syngenta AG. The merger was originally approved by the Committee on Foreign Investment in the United States (CFIUS) in 2016, prior to recent news of the Chinese Communist Party’s (CCP) support for the consolidation of the companies. American agriculture producers made up over a quarter of Synogenta AG’s business in 2015 and are still a major market for the company. Both ChemChina and Sinochem are on the Department of Defense’s list of companies that directly finance the CCP’s military and intelligence operations.

“The Chinese Communist Party has, for decades, taken advantage of American farmers and now want them to finance their malicious behavior. The merger of these companies is a major concern given China’s long history of engaging in economic espionage and agriculture-related intellectual property theft. The United States must protect our agriculture producers and our nation’s food supply rather than allowing American dollars to fund the CCP’s campaign to manipulate markets and expand their influence,” said Rep. Crawford.

“The Chinese Communist Party is aggressively targeting biotechnology through its Made in China 2025 industrial policy and commercial espionage because it is a critical and emerging sector for the global economy. Allowing the PRC to control this important sector through mergers and acquisitions would we aren’t genuinely pursuing strategic competition with the CCP. CFIUS should use the ChemChina and Sinochem merger to correct its mistake of letting ChemChina acquire Syngenta in 2016 to begin with,” said House Committee on Foreign Affairs Ranking Member McCaul

“It’s imperative the United States take seriously the threat posed by the Chinese Communist Party. Including, their increased influence and consolidation within our education and business communities, and their threat to U.S. investment and intellectual property rights. We can start by reexamining the 2016 decision that allowed ChemChina’s acquisition of Syngenta AG,” said Rep. Baird.

“As the CCP attempts to expand its influence around the world through state-sponsored mergers and acquisitions like that with Syngenta Group, protecting American farmers and the agriculture supply chain has become a matter of national security. CFIUS and Congress must work together to ensure the Chinese Communist Party cannot disrupt the American food supply and never profits off of the hard work of American farmers,” said Rep. Guest.

“China has taken advantage of Iowa’s farmers for decades, and this merger would only give China further leverage. Taxpayer dollars should not help Communist China disproportionately influence global markets. We must stand up for American agriculture and stop allowing China to cheat and steal from Americans without consequences,” said Rep. Hinson.

“China continues to consolidate state-owned entities in the global agriculture industry at an alarming rate. Their influence over the sector can have catastrophic effects to not only U.S. production and markets, but to farming operations and access to food around the world. Food security is national security, and it is imperative the U.S. work to keep the global agriculture industry diverse and products affordable for people around the block and across the globe,” said Rep. Scott.

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