China on Saturday vowed to take “necessary measures” to protect its companies after the New York Stock Exchange (NYSE) withdrew three Chinese telecommunications companies from the stock market over alleged ties to the country’s military.
NYSE announced Thursday that it has begun the process to withdraw China Mobile Ltd., China Telecom Corp. Ltd. and China Unicom Hong Kong Ltd., suspending its trading from January 7-11. President Trump
Donald Trump Trump says Georgia Senate removals are “illegal and invalid” in New Year’s tweets. The judge rejects Gohmert’s election lawsuit against former Sen. Pence, a former Republican senator, suggests forming a new party, and calls Trump a “ring master.” issued an executive order in November banning U.S. investments in military-regulated Chinese companies, which will take effect Jan. 11.
“This kind of abuse of national security and state power to suppress Chinese companies does not meet market rules and violates market logic,” the Chinese Ministry of Commerce said, according to Reuters.
“It not only harms the legal rights of Chinese companies, but also harms the interests of investors in other countries, including the United States,” he added.
The ministry also called on the United States to consider a commitment to China to restore bilateral trade relations, Reuters reported.
The Trump administration has raised growing tensions between the US and China in recent weeks before the president-elect Joe Biden
Joe BidenTrump considers Georgia Senate removals to be “illegal and invalid” in New Year’s tweets. Judge rejects Gohmert’s election lawsuit against former POP senator Pence suggests forming a new party assumes the position. Earlier this year he signed an executive order allowing the United States to blacklist Chinese companies, stating that the Chinese military was trying to influence “Chinese civilian companies to support their military and intelligence activities. “Intelligence”, which he said would pose an “unusual and extraordinary threat” to the United States
Chinese officials have said they hope the incoming Biden administration can ease tensions.
Senior Chinese diplomat Wang Yi said he believes Biden could introduce “a new window of hope” on US-China relations, according to Reuters.