SHANGHAI (Reuters) – China will take “necessary measures” to protect the interests of its companies, the Chinese Ministry of Commerce said on Saturday, after the New York Stock Exchange began deleting the names of three Chinese telecom companies that Washington says have military ties.
The New York Stock Exchange said on Thursday it would write off China Mobile, China Unicom and China Telecom after President Donald Trump moved in November to block US 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 suppress Chinese companies does not comply with market rules and violates market logic,” the Chinese Ministry of Commerce said in a statement.
She added that this “not only harms the legal rights of Chinese companies, but also harms the interests of investors in other countries, including the United States.”
While the ministry said it would take measures to protect its companies, it also called on the United States to meet with China midway and put bilateral trade relations back on the right track.
In the final weeks before President-elect Joe Biden took office on January 20, the Trump administration had escalated its hard-line stance against China.
Relations between the two largest economies have come under increasing strain amid a series of wrangling over issues such as trade and human rights.
The US Commerce Department added dozens of Chinese companies to its commercial blacklist in December, accusing Beijing of using its companies to harness civilian technologies for military purposes.
Chinese diplomats have expressed hope that Biden’s election will help ease tensions between the two countries.
In remarks published on Saturday, senior Chinese diplomat Wang Yi said that relations with the United States had reached a “new crossroads” and “a new window of hope” could now open.
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