June 22nd 2024.
China has recently announced that it has taken action against several business units of American company Lockheed Martin Corp. and three of its top executives. This decision came after the company signed arms deals with Taiwan, a self-governing island that China claims as its own territory. According to media reports, China's Foreign Ministry made a statement on Friday, stating that Lockheed Martin's cooperation with Taiwan has violated their sovereignty, which is a common term used by China when discussing any outside dealings that support Taiwan's government.
The statement listed the specific entities that have been banned, including Lockheed Martin Missile System Integration Lab, Lockheed Martin Advanced Technology Laboratories, and Lockheed Martin Ventures. It also mentioned that all of their assets in China, both movable and immovable, will be frozen. The senior executives who have been placed under sanction are James Donald Taiclet, the chairman, president, and CEO, Frank Andrew St. John, the chief operating officer, and Jesus Malave, the chief financial officer.
China has been steadily growing its domestic aircraft industry, producing parts, planes, and services for companies like Airbus and even developing their own commercial jets. However, they have heavily relied on foreign technology in this process. In recent years, Chinese companies have made significant progress in replacing their overseas suppliers with domestic ones. This move to ban Lockheed Martin and its executives is seen as a part of China's efforts to support and promote their own industries.
The statement also mentioned that these executives will not be allowed to enter China or conduct any transactions, cooperation, or activities with any organizations or individuals within the country. The Ministry of National Defense spokesperson, Wu Qian, emphasized on Friday that the US should honor its commitment to not support Taiwan's independence and stop providing them with arms.
The arms sales by the US to Taiwan, which were recently approved, amounted to about $360 million. Taiwan heavily relies on the US for its arms supplies, but they have been working towards increasing their defense industries and mandatory military service for men. This comes as a response to China's increasing threat to take over Taiwan, which they see as part of their historical mission. Taiwan was previously a Japanese colony and separated from mainland China during a civil war in 1949.
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