Arizona won't ban the People's Republic of China from buying property here after Democratic Gov. Katie Hobbs vetoed a Republican-backed measure that would have added to the growing list of states banning the communist nation from making land purchases over national security concerns. Hobbs said in her veto message that while it is important to protect infrastructure, the bill is "ineffective at counter-espionage and does not directly protect our military assets."
Biden Administration Rule Would Increase Authority to Block Foreign Deals (2024)
www.nytimes.com
... The Biden administration is seeking to broaden its powers significantly to block foreign investments by making it harder to buy land near military bases, a move that could make it harder for Chinese companies to build factories in the United States.
The Treasury Department proposed a new rule on Monday that would add more than 50 military installations across 30 states to a list of locations it has deemed sensitive to national security. If enacted, the rule would bolster a 2018 law that gave the Committee on Foreign Investment in the United States the ability to block foreign land purchases if they are within a certain proximity of a base.
The proposal comes as Democrats and Republicans in Congress have become increasingly concerned that Chinese investments in the United States threaten national security and as the Biden administration has rolled out new tariffs to curb imports of Chinese electric vehicles and solar panels. ...
"ability to block foreign land purchases if they are within a certain proximity of a base"
See, this issue isn't about all of American land being for Americans. Just land near bases.
Even though I suspect a lot of people support limiting foreign ownership, including me. But that would be bad for business.
The alternative is what China and Cuba do, require foreign companies to partner with a local company.
Republicans will go full-on State Capitalism before too long:
In State Capitalism, Joshua Kurlantzick ranges across the world"Brazil, China, Russia, South Africa, Thailand, Turkey, and more"and argues that the increase in state capitalism across the globe has, on balance, contributed to a decline in democracy.
www.cfr.org
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