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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 18, 2021.
Opposing Business with Chinese Military Companies Act
This bill requires the President to exercise certain economic powers, such as investigating or prohibiting payments, with respect to an entity that is engaging in economic activities in the United States and is (1) affiliated with China's government or military, or (2) owned or controlled by an entity affiliated with China's defense industrial base. (The President currently has such powers but is not required to exercise them.)
The bill extends to December 31, 2026, a provision requiring the Department to Defense to annually report to Congress an updated list of such entities.