SHANGHAI (Reuters) -China is taking “necessary steps” to protect the interests of its companies after the New York Stock Exchange began listing three Chinese telecom companies that Washington says have armed ties, the country’s trade ministry said Saturday.
The NYSE said Thursday it will look to China Mobile, China Unicom and China Telecom following President Donald Trump’s move in November to block U.S. investment in 31 companies that Washington says are owned or controlled by the Chinese military.
“This kind of abuse of national security and state power to keep Chinese companies does not comply with market rules and violates market logic,” China’s Ministry of Commerce said in a statement.
“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 said.
While the ministry said it will take action to protect its companies, it also called on the United States to meet with China halfway and put bilateral trade relations back on track.
In his final weeks before President Joe Biden takes office on Jan. 20, the Trump administration has stood firm against China.
Relationships between the two largest economies have become increasingly concerned amid a series of controversies over issues such as trade and human rights.
The U.S. Department of Commerce added dozens of Chinese companies to a trade blacklist in December, accusing Beijing of using its companies to exploit civilian technologies for military purposes.
Chinese diplomats have expressed hope that Biden’s election will help reduce tensions between the two countries.
In a statement released on Saturday, China’s senior diplomat Wang Yi said that relations with the United States had reached a “new crossroads” and that a “new window of hope” could now open.
Reporting by David StanwayEditing by William Maclean and Frances Kerry