On Wednesday, China fired medium-range missiles into the South China Sea, a defense of China’s illegal militarization of artificial islands in disputed territory and a provocation aimed at the U.S. Navy. Millions of Americans likely don’t realize they are personally invested in the Chinese state-owned company that built those islands — as well as scores of other Chinese companies that are bolstering Beijing’s expansion and aggression.
That company, the China Communications Construction Company (CCCC), was sanctioned Wednesday by the State and Commerce departments, along with five subsidiaries and 18 other Chinese entities. U.S. firms and individuals are now banned from working with these companies, and their executives are banned from getting U.S. visas. But these companies can still raise billions from U.S. capital markets, with the help of Wall Street firms that are funneling them cash with complete disregard for the risks to U.S. investors.