The U.S. and Chinese flags are on display at the American Chamber of Commerce (AICC) booth at the China International Fair for Trade in Services in Beijing, China, May 28, 2019.
Jason Lee | Reuters
China on Saturday vowed to respond to the surrender of three telecommunications giants by the New York Stock Exchange under an order of action signed by President Donald Trump in November.
The trade ministry said in a statement that China will “take necessary steps to firmly protect the rights and legitimate interests of Chinese enterprises,” according to the state-run Global Times.
The NYSE said Thursday it will dismiss 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 they claimed were linked to Chinese weapons.
The investment ban expires on January 11, just days before President Joe Biden is inaugurated. According to NYSE, trade in all three companies will be suspended possibly as early as Jan. 7 or Jan. 11.
The trade ministry said the U.S. was “abusing national security and using state power to undermine Chinese enterprises” and said the move was “not in line with market rules and logic, which damage not only the legitimate rights of Chinese enterprises, but also the interests of investors in other countries, including the United States. “
He said, “We hope that the US and China will work together to create a fair, stable and predictable business environment for enterprises and investors, to regain bilateral economic and trade relations on the ground. -slighe. “
Trump has been pursuing an aggressive economic agenda against China that has been even more restrictive since the advent of Covid-19, which Trump has falsely described as a “Chinese virus,” in Wuhan.
Biden is not expected to drastically alter U.S.-China relations, and said Monday that he would “hold the Chinese government accountable for its abuse of trade, technology, human rights, and other aspects.”
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.
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