Flags of the USA and China will be displayed at the International Fair of the American Chamber of Commerce (AICC) at the International Fair of China in Beijing, China, on May 28, 2019.
Jason Lee | Reuters
China on Saturday promised 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 the necessary measures to resolutely protect the legal rights and interests of Chinese enterprises”, according to the state-run Global Times.
The NYSE said on Thursday that it would remove 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 say are affiliated with the Chinese military.
The investment ban takes effect on January 11, just days before President-elect Joe Biden is to be inaugurated. According to NYSE, trading in the three companies will likely be suspended on January 7 or as late as January 11.
The Ministry of Commerce said the US “abuses national security and uses state power to curb Chinese enterprises” and said the move “is not in line with market rules and logic, which does not just violate the legal rights of Chinese enterprises does not harm the interests of investors in other countries, including the US. “
In addition, we said: “We hope that the US and China will work together to create a fair, stable and predictable business environment for businesses and investors in order to get bilateral economic and trade relations back on track.”
Trump has pursued an aggressive economic agenda toward China that has become even more restrictive since the inception of Covid-19, which made Trump derogatory of the “China virus” in Wuhan.
Biden is not expected to change the relationship between the United States and China dramatically, saying on Monday that he will “hold China’s government accountable for its abuses of trade, technology, human rights and other fronts”.
The White House on Saturday did not immediately respond to a request for comment on China’s statement. The Biden transition team also did not respond to a request for comment.
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