China vowed on Saturday to take “necessary steps” to protect its companies following the New York Stock Exchange (NYSE), which eliminated three Chinese telecommunications companies for alleged links to the country’s military.
The NYSE announced on Thursday that it has begun the process of eliminating China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd., suspending them from trading between January 7 and 11. President Trump
Donald Trump Trump calls Georgia Senate removals “both illegal and invalid” in New Year’s tweets of Republicans MORE issued an executive order in November banning US investment in Chinese army-regulated companies, which will take effect on January 11th.
“This kind of abuse of national security and state power to suppress Chinese companies does not follow market rules and violates market logic,” China’s Ministry of Commerce said, according to Reuters.
“Not only does it harm the legal rights of Chinese companies, but it also harms the interests of investors in other countries, including the United States,” she added.
The ministry also called on the United States to consider compromising with China in order to restore bilateral trade relations, Reuters reported.
Trump administration intensifies growing tensions between US and China in recent weeks ahead of president-elect Joe Biden
Joe BidenTrump calls Georgia Senate removals “both illegal and invalid” in New Year’s tweets Republicans MORE assumes its function. Earlier this year, he signed an executive order allowing the US to blacklist Chinese companies, saying the Chinese military had tried to influence “Chinese civilian companies to support their military and intelligence activities,” he said. that it would pose an “unusual and extraordinary threat” to the United States
Chinese officials have expressed hope that the new Biden administration will be able to ease tensions.
Senior Chinese diplomat Wang Yi said he believed Biden could introduce “a new window of hope” in US-China relations, according to Reuters.