; (2) the Chinese Communist Party; or (3) any entity owned or controlled by the Government of the People’s Republic of China or the Chinese Communist Party. 529. Review by committee on foreign investment in the United States of certain foreign gifts to and contracts with institutions of higher education (a) Amendments to defense production act of 1950 (1) Definition of covered transaction Subsection (a)(4) of section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 ) is amended— (A) in subparagraph (A)— (i) in clause (i), by striking ; and and inserting a semicolon; (ii) in clause (ii), by striking the period at the end and inserting ; and ; and (iii) by adding at the end the following: (iii) any transaction described in subparagraph (B)(vi) proposed or pending after the date of the enactment of the China Strategic Competition Act of 2021. ; (B) in subparagraph (B), by adding at the end the following: (vi) Any gift to an institution of higher education from a foreign person, or the entry into a contract by such an institution with a foreign person, if— (I) (aa) the value of the gift or contract equals or exceeds $1,000,000; or (bb) the institution receives, directly or indirectly, more than one gift from or enters into more than one contract, directly or indirectly, with the same foreign person for the same purpose the aggregate value of which, during the period of 2 consecutive calendar years, equals or exceeds $1,000,000; and (II) the gift or contract— (aa) relates to research, development, or production of critical technologies and provides the foreign person potential access to any material nonpublic technical information (as defined in subparagraph (D)(ii)) in the possession of the institution; or (bb) is a restricted or conditional gift or contract (as defined in section 117(h) of the Higher Education Act of ( 20 U.S.C. 1011f(h) )) that establishes control. and