Home ›› 02 Jan 2021 ›› World Biz
China vowed on Saturday to respond to the delisting of three telecommunications giants by the New York Stock Exchange under an executive order signed by President Donald Trump in November.
The ministry of commerce said in a statement that China will “take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises,” according to the state-run Global Times.
The investment ban will take effect on Jan. 11, just days before President-elect Joe Biden is due to be inaugurated. According to NYSE, trading in the three companies will be suspended possibly as soon as Jan. 7 or as late as Jan. 11.
The commerce ministry said that the U.S. was “abusing national security and using state power to crack down on Chinese enterprises” and said the move was “not in line with market rules and logic, which harms not only the legitimate rights of Chinese enterprises, but also the interests of investors in other countries, including the US.”
It added, “We hope that the US and China will work together to create a fair, stable and predictable business environment for enterprises and investors, so as to get bilateral economic and trade relations back on track.”
Trump has pursued an aggressive economic agenda against China that has become even more restrictive since the emergence of Covid-19, which Trump has derogatively labeled the “China virus,” in Wuhan.
The White House did not immediately respond to a request for comment on China’s statement on Saturday. The Biden transition team also did not respond to a request for comment.
[Source: CNBC]