On Saturday, China pledged to take “necessary steps” to protect its companies after the New York Stock Exchange (NYSE) removed the registration of three Chinese telecommunications companies for alleged ties to the country’s military.
The NYSE announced on Thursday that it has begun the process of removing China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd. from the list, suspending negotiations between January 7 and 11. The change occurred after President Trump
Donald Trump Trump calls the second round of the Georgia Senate ‘both illegal and invalid’ in New Year’s tweets. Judge rejects Gohmert’s electoral process against Pence Former Republican Party senator suggests forming a new party, calls Trump the ‘master’ of Republicans MORE issued an executive order in November banning US investments in Chinese companies regulated by the military, which will take effect on January 11.
“This type of abuse of national security and state power to suppress Chinese companies does not comply with market rules and violates the logic of the market,” said the Chinese Ministry of Commerce, according to Reuters.
“This not only undermines the legal rights of Chinese companies, but also undermines the interests of investors in other countries, including the United States,” he added.
The ministry also asked the United States to consider a commitment to China to restore bilateral trade relations, Reuters reported.
The Trump administration has intensified growing pressure between the U.S. and China in the past few weeks before the president-elect Joe Biden
Joe BidenTrump calls the second round of the Georgia Senate ‘both illegal and invalid’ in New Year’s tweets. Judge rejects Gohmert’s electoral process against Pence Former Republican Party senator suggests forming a new party, calls Trump the ‘master’ of Republicans MORE takes office. Earlier this year, he signed an executive order allowing the US to blacklist Chinese companies, stating that the Chinese military sought to influence “Chinese civilian companies to support their military and intelligence activities”, which he said would cause a “threat” unusual and extraordinary “for the US
Chinese officials said they were hopeful that the next Biden government could ease tensions.
China’s senior diplomat Wang Yi said he believed Biden could open “a new window of hope” in US-China relations, according to Reuters.