23/09/2026
📑🇺🇸 香港監察研究發現88億美元西方投資資金流入受制裁中國實體
中國國家主席習近平開展美國國事訪問前夕，香港監察揭露西方投資者向中國軍工綜合體企業輸送88億美元，當中包括幾間美國大型銀行，而美國財政部頒布的制裁似乎無力阻止。
報告題為《Through the Cracks: How loopholes in U.S. sanctions let Western investors pour billions into China’s military-industrial complex》，分析了15個中國企業集團的彭博終端（Bloomberg Terminal）投資者數據，這些集團與美國非特別指定國民中國軍工綜合體企業名單（NS-CMIC名單）有關聯。NS-CMIC名單是特朗普總統於2020年推出、拜登總統於2021年擴充的制裁機制。
調查發現令人震驚：
• 美國機構正向軍事對手提供資金。
• 少數金融巨擘主導資金流動。
• 制裁機制漏洞百出，使這種投資可行。
• 西方投資者和中國公司正鑽制度漏洞。
• 美國政府制裁了錯誤的實體。
• 連某個歐洲「道德」投資者都被發現資助中國軍事擴張。
這份報告由美國律師、香港人權倡議者Samuel Bickett共同撰寫，對NS-CMIC名單的漏洞和缺陷作詳細的法律分析，這些漏洞和缺陷使西方投資持續流入相關企業集團。有見及此，報告促請美國政府堵塞NS-CMIC制裁機制的漏洞，制止美國金融機構從中國軍事擴張中賺取利潤。
報告合著者、香港監察倡議及研究主管湯柏森（Thomas Benson）表示：
「我們的報告確鑿證明，數十億美元資金持續從美國投資者流入中國軍方。這些投資者正資助美國主要戰略競爭對手的軍事企業，這些企業對中國軍事擴張舉足輕重。他們正幫助發展侵略台灣或將美國逐出西太平洋所需的技術和基建。雖然美國政府已對這些中國實體實施制裁，但他們仍然投入資金。
如果美國真的想以國家安全或侵犯人權為由制裁這些企業，就應該立即尋求堵塞這些漏洞，阻止美國企業從中國軍事擴張中獲利。」
📑🇺🇸 Hong Kong Watch research finds US$8.8 billion in Western investment funneled to sanctioned Chinese entities
Ahead of Xi Jinping’s state visit to the U.S., Hong Kong Watch is exposing how Western investors, including some of America’s biggest banks, have channeled US$8.8 billion into China’s military-industrial complex, while U.S. Treasury sanctions seem powerless to stop them.
The report, Through the Cracks: How loopholes in U.S. sanctions let Western investors pour billions into China’s military-industrial complex, analyzes Bloomberg Terminal investor data across 15 Chinese corporate groups tied to Washington’s Non-SDN Chinese Military-Industrial Complex Companies List (the NS-CMIC list), a sanctions regime introduced by President Trump in 2020 and expanded by President Biden in 2021.
The findings are damning:
• U.S. institutions are bankrolling a military adversary. American financial institutions—bound by U.S. sanctions law—hold US$4.4 billion in investment in Chinese military-industrial corporate groups, half the entire total exposed in the report.
• A handful of finance giants dominate the flow of cash. Just five firms—HSBC, Invesco, BlackRock, Vanguard, and Intesa Sanpaolo—are responsible for a staggering 61% of the US$8.8 billion uncovered.
• The sanctions regime is full of loopholes that permit this investment. OFAC’s “50% rule,” meant to catch subsidiaries of sanctioned firms, was quietly carved out of the NS-CMIC list, allowing US$3.45 billion to pour into unlisted subsidiaries and holding companies.
• Western investors and Chinese firms are gaming the system. Money is being funneled through onshore Chinese joint ventures, a route OFAC itself permits, while some sanctioned firms have evaded scrutiny altogether by rebranding under new names.
• The U.S. government sanctioned the wrong entity. In one prominent case, the U.S. sanctioned Sensetime Group Ltd., a minor Hong Kong subsidiary with no public listing, while leaving its publicly listed parent entity, Sensetime Group Inc., completely untouched. Western investors currently hold US$705 million in that parent company.
• Even a European “ethical” investor was found to be funding China’s military buildup. Norway’s sovereign wealth fund, Norges Bank, holds US$30.8 million in SenseTime and US$17.0 million in CGN Mining, with evidence suggesting these positions were purchased after the U.S. sanctioned these companies. This is despite Norges Bank’s ethical investment policies restricting, until a 2025 review, investment in military companies (including European military companies) and human rights abuses.
The report, which was co-authored with U.S. attorney and Hong Kong human rights advocate Samuel Bickett, offers a detailed legal analysis of the loopholes and shortcomings of the NS-CMIC list which have allowed Western investment to continue to flow into these corporate groups. In response, it urges the U.S. government to close loopholes in the NS-CMIC sanctions regime to ensure that U.S. financial institutions cannot profit from China’s military buildup.
Thomas Benson, report co-author and Head of Advocacy and Research at Hong Kong Watch, said:
“Our report conclusively demonstrates how billions of dollars have continued to flow to China’s military from U.S. investors. These investors are funding military companies crucial to the military buildup of the United States’ main strategic competitor. They are helping to build the technology and infrastructure required for an invasion of Taiwan, or to expel the U.S. out of the Western Pacific. And they are doing so despite the U.S. government having placed sanctions on these Chinese entities.
If the U.S. is serious about sanctioning these companies for national security reasons, or for human rights violations, then it should immediately look to close these loopholes and stop U.S. companies profiting off the military buildup of the People’s Republic of China.”
📑 Hong Kong Watch report
https://www.hongkongwatch.org/s/BHR20202620report_online-compressed.pdf
📜 Hong Kong Watch press release
https://www.hongkongwatch.org/all-posts/2026/9/21/hong-kong-watch-research-finds-us88-billion-in-western-investment-funneled-to-sanctioned-chinese-entities
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