The Chinese Ministry of Commerce said today that it will take “necessary measures” to protect the interests of its companies after the New York Stock Exchange began canceling the listing of three Chinese telecommunications companies that Washington says have military ties.
On Thursday, the New York Stock Exchange said it would cancel the listing of the securities of (China Telecom), (China Mobile) and (China Unicom) after US President Donald Trump moved in November to prevent US investments in 31 companies that Washington says the Chinese military owns or Controls it.
“This form of abuse of national security and state power to suppress Chinese companies does not comply with market rules and violates the logic that it operates,” the Chinese Ministry of Commerce said in a statement.
“And this not only harms the legitimate rights of Chinese companies but also harms the interests of investors in other countries, including the United States” the statement added.
Besides talking about taking measures to protect its companies, the ministry also called on the United States to reach a compromise with China and put bilateral trade relations back on track.
In its final weeks, before US President-elect Joe Biden take office on January 20, the Trump administration had escalated its tough stance on China.
Relations between the world’s two largest economies have been increasingly tense amid a series of disputes over issues including trade and human rights.
The US Commerce Department placed dozens of Chinese companies on its trade blacklist in December, accusing Beijing of using its companies to harness civilian technology resources for military purposes.
And Chinese diplomats expressed their hope that Biden’s election would help ease the tension between the two countries.