[ad_1]
The flags of the United States and China are displayed on the American International Chamber of Commerce (AICC) booth during the China International Services Trade Fair in Beijing, China, May 28, 2019.
Jason Lee | Reuters
China on Saturday promised to respond to the delisting of three telecommunications giants from the New York Stock Exchange under an executive order signed by President Donald Trump in November.
The Commerce Ministry said in a statement that China “will take the necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises,” according to the Global Times.
The NYSE said on Thursday it would delist China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited. Trump signed an order in November barring Americans from investing in companies he said were linked to the Chinese military.
The investment ban will go into effect on January 11, just days before the inauguration of President-elect Joe Biden. According to the NYSE, transactions in all three companies will eventually be suspended as early as January 7 or as late as January 11.
The Commerce Department said the United States was “abusing national security and using state power to crack down on Chinese companies” and said the move was “not in accordance with the rules and logic market, which not only harms the legitimate rights of Chinese companies, but also the interests of investors in other countries, including the United States. “
He added: “We hope that the United States and China will work together to create a fair, stable and predictable business environment for businesses and investors, in order to get bilateral economic and trade relations back on track.”
Trump has pursued an aggressive economic agenda against China that has become even more restrictive since the emergence of Covid-19, which Trump derogatoryly called a “Chinese virus,” in Wuhan.
Biden is not expected to drastically alter the US-China relationship and said on Monday that he would “hold the Chinese government accountable for its abuses on 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. Biden’s transition team also did not respond to a request for comment.
Subscribe to CNBC Pro for live TV streaming, in-depth information and analysis on how to invest during the next presidential term.
[ad_2]
Source link