The commission proposed that Congress examine Chinese investment and assess whether to widen the mandate of the Committee on Foreign Investment in the United States so it would be required to screen transactions by Chinese state-owned companies that give them a majority stake in American companies.
Currently the committee screens investment proposals only on national security grounds.
The commission also proposes prohibiting investment in a US industry by a foreign company whose government prohibits foreign investment in that same industry.
That's a response to what it described as the exclusion of American firms from investing in sectors dominated by state-controlled firms in China, such as telecommunication services and oil and natural gas.
It also recommended that Congress conduct an in-depth assessment into Chinese "cyber espionage" practices.
China is also advancing its military modernization efforts, with the development of advanced fighter jets, and space and ballistic missile programs, the report said.
It also noted "significant improvements" in China's nuclear forces and said that within two years it would perhaps have attained three ways of delivering such weapons - by bombs, land-based missiles and submarine-launched ballistic missiles.
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