Shanghai: China will take “necessary measures” to safeguard the interests of its firms following the New York Stock Exchange (NYSE) started delisting 3 Chinese telecom firms that Washington says have military ties, the country’s commerce ministry stated on Saturday.
The NYSE stated on Thursday that it would delist China Mobile, China Unicom and China Telecom following President Donald Trump’s move in November to bar US investment in 31 firms that Washington says are owned or controlled by the Chinese military.
“This kind of abuse of national security and state power to suppress Chinese firms does not comply with market rules and violates market logic,” the Chinese Ministry of Commerce stated in a statement.
“It not only harms the legal rights of Chinese companies but also damages the interests of investors in other countries, including the United States,” it added.
While the ministry stated it will take action to guard its firms, it also referred to as on the United States to meet China half-way and place bilateral trade relations back on track.
In its final weeks ahead of President-elect Joe Biden requires workplace on January 20, the Trump administration has stepped up its hardline stance against China.
Relations in between the two largest economies have come beneath rising strain amid a series of disputes more than difficulties like trade and human rights.
The US Commerce Department added dozens of Chinese firms to a trade blacklist in December, accusing Beijing of employing its firms to harness civilian technologies for military purposes.
Chinese diplomats have expressed hope that Biden’s election will support ease tensions in between the two nations.
Also Read: US Bill Condemning China’s Military Aggression Against India Becomes Law
In comments published on Saturday, China’s senior diplomat Wang Yi stated relations with the United States had reached a “new crossroads” and “a new window of hope” could now be opened.
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