The flags of the USA and China are displayed at the stand of the American International Chamber of Commerce (AICC) during the China International Trade Fair for Services in Beijing, China, May 28, 2019.
Jason Lee | Reuters
China on Saturday promised to respond to the removal of three telecommunications giants by the New York Stock Exchange based on an executive order signed by President Donald Trump in November.
The Ministry of Commerce said in a statement that China will “take the necessary measures to decisively protect the rights and legitimate interests of Chinese enterprises,” according to the state’s Global Times.
The NYSE said Thursday it will eliminate China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited. Trump signed an order in November banning Americans from investing in companies he claimed were linked to the Chinese military.
The investment ban will take effect on January 11, just days before President-elect Joe Biden is inaugurated. According to the NYSE, trading in the three companies will be suspended as soon as possible immediately after January 7 or until January 11.
The Ministry of Commerce said that the US “abuses national security and uses state power to counter Chinese enterprises” and said the measure “does not conform to market rules and logic, which harms not only the legitimate rights of Chinese enterprises but also the rights of Chinese enterprises.” also the interests of investors from other countries, including the USA. “
He added: “We hope that the US and China will work together to create a fair, stable and predictable business environment for businesses and investors, so that bilateral economic and trade relations return to the right path.”
Trump has been pursuing an aggressive economic agenda against China, which has become even more restrictive since the advent of Covid-19, which Trump has derogatively labeled the “China virus” in Wuhan.
Biden is not expected to dramatically change the US-China relationship and said on Monday that he would “hold the Chinese government accountable for its abuses of trade, technology, human rights and other fronts.”
The White House did not immediately respond to a request for comment on China’s statement on Saturday. Also, the Biden transition team did not respond to a request for comment.
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