Technology News
Reuters Staff
SHANGHAI (Reuters) – China will take “necessary measures” to protect the interests of its companies after the New York Stock Exchange began delisting three Chinese telecommunications companies, which Washington says are military ties, the country’s Commerce Department said on Saturday.
The NYSE said on Thursday that it would remove China Mobile, China Unicom and China Telecom, following President Donald Trump in November to block US investment in 31 businesses owned by the Chinese military, according to Washington.
“This kind of abuse of national security and state power to oppress Chinese enterprises does not comply with market rules and violates market logic,” the Chinese 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 added.
While the ministry said it would take action to protect its businesses, it also called on the United States to meet with China halfway and put bilateral trade relations back on track.
In the last weeks before President-elect Joe Biden took office on January 20, the Trump administration has sharpened its tough stance against China.
Relations between the two largest economies have come under increasing pressure amid a series of disputes over issues such as trade and human rights.
The U.S. Department of Commerce added dozens of Chinese companies to a blacklist in December, accusing Beijing of using its businesses to use civilian technologies for military purposes.
Chinese diplomats have expressed hope that Biden’s election will help ease tensions between the two countries.
In the comments published 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 be opened.