President Extends Emergency on PRC Securities Investments
A one-year continuation of a national emergency targets U.S. investment in securities of certain People's Republic of China companies.
Updated on Nov. 5, 2026 in Economic Policy
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The President has continued for one year the national emergency concerning securities investments that finance certain PRC companies, a declaration originally made in Executive Order 13959 on November 12, 2020. The continuation was published in the Federal Register on November 5, 2026, ahead of the emergency's November 12, 2026 expiration date.
Why it matters
The emergency is tied to concerns that the PRC uses its Military-Civil Fusion strategy to strengthen its military-industrial complex, drawing on capital raised from U.S. investors through public exchanges. Continuing the declaration keeps in force the restrictions tied to those concerns for another year.
The continuation runs for 1 year from the November 12, 2026 lapse date under the International Emergency Economic Powers Act. The source does not specify how many PRC companies are covered or what dollar value of U.S. investment is involved.
The players
Donald Trump
The current President of the United States, who issued the notice continuing the national emergency.
The details
Executive Order 13959 declared the emergency in November 2020, Executive Order 13974 amended it in January 2021, and Executive Order 14032 expanded its scope in June 2021 and revoked the earlier amendment. The notice describes PRC companies raising capital by selling securities to U.S. investors and lobbying U.S. index providers and funds to include their securities in market offerings.
Timeline
November 12, 2020: Executive Order 13959 declared the national emergency.
January 13, 2021: Executive Order 13974 amended Executive Order 13959.
June 3, 2021: Executive Order 14032 expanded the scope of the emergency.
November 5, 2026: Notice of continuation published in the Federal Register.
November 12, 2026: Date the emergency would expire without continuation.
Macro View
Executive Order 13959, issued under the International Emergency Economic Powers Act in November 2020, set the framework that this continuation extends. The annual renewal keeps the 2020 declaration and its 2021 amendments in force without new legislation.
Investors holding securities of certain PRC companies may face continuing restrictions tied to the emergency for the coming year. The notice does not detail how those restrictions will apply to individual portfolios.
The takeaway
Executive branch emergency declarations under the International Emergency Economic Powers Act must be renewed annually to remain in effect. Readers tracking U.S. investment rules affecting Chinese companies should watch for implementing guidance that follows this continuation.
Further reading
For related background, see Economic Policy coverage across the site.
Source note: This article includes information reported by Federal Register.
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