Macau added to US foreign adversary list under new investment policy???
The United States expanded its list of foreign adversaries, adding Macau to its new America First Investment Policy. The move signals a tougher stance on Chinese-linked investments, particularly in critical industries. “Investment at all costs is not always in the national interest,” the policy states, outlining measures to curb foreign influence over US assets.
Macau’s designation as a foreign adversary aligns with broader US efforts to restrict Chinese-affiliated entities from gaining access to sensitive sectors, including technology, infrastructure, and national security-related industries. The policy warns against “PRC-affiliated investors targeting the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports, and shipping terminals.”
Macau’s economy, heavily dependent on the gaming industry, has long been viewed as a financial gateway for Chinese investments. By placing Macau under the same scrutiny as mainland China, Washington is effectively limiting its ability to facilitate capital flows into the US market.
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America First Investment Policy:
US measures against Chinese-linked investments
The memorandum emphasises that China has used investments to access cutting-edge US technology, intellectual property, and strategic industries. “The PRC pursues these strategies in diverse ways, both visible and concealed, and often through partner companies or investment funds in third countries,” it states. Macau’s financial institutions and investment firms, often linked to mainland Chinese interests, are likely targets of these restrictions.
To counter these perceived threats, the US will establish new barriers to Chinese investments in sectors critical to national security. This includes using the Committee on Foreign Investment in the United States (CFIUS) to block PRC-affiliated acquisitions in “technology, critical infrastructure, healthcare, agriculture, energy, raw materials, or other strategic sectors.”
The Trump administration is also seeking to stop “United States companies and investors from investing in industries that advance the PRC’s national Military-Civil Fusion strategy.” These measures could affect direct Chinese investments and those routed through jurisdictions such as Macau.
Fast-track investment for US allies
While tightening controls on Chinese-linked investments, the policy aims to attract more foreign capital from US allies. “My Administration will make the United States the world’s greatest destination for investment dollars,” the memorandum declares. A new “fast-track” process will facilitate investment from allied nations while preventing indirect Chinese influence.
The policy also outlines an expedited review process for large-scale investments exceeding $1 billion to accelerate capital inflows from approved sources while maintaining national security protections.
Broader implications for Macau and China
The inclusion of Macau in the foreign adversary list will likely have economic and diplomatic consequences. Macau-based businesses and investors may face new hurdles in accessing US capital markets, and financial institutions operating there could be subject to additional scrutiny.
For China, the move represents another step in Washington’s broader strategy to limit its economic reach. “Economic security is national security,” the memorandum states, justifying increased restrictions on Chinese-linked financial activities.
China calls new policy ‘discriminatory’
On Monday, Chinese Foreign Ministry spokesman Lin Jian condemned the US for its America First Investment Policy, calling it a discriminatory move that undermines economic cooperation between Beijing and Washington. He emphasised that the tightened restrictions on Chinese investment would severely impact business confidence, making it more difficult for Chinese enterprises to operate in the American market.
The Chinese Foreign Ministry spokesperson also criticised the US decision to impose restrictions on American investments in China, calling it an unnecessary interference in the independent choices of US companies. He argued that politicising trade and investment decisions distorts natural market dynamics and disrupts global economic stability. Lin urged Washington to stop weaponising economic policies and to respect international investment norms, warning that continued interference would erode the US’s economic credibility on the global stage.
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