China says it will respond to the delisting of the telecom giants

The flags of the United States and China are on display at the stand of the American International Chamber of Commerce (AICC) during the China International Trade in Services Expo in Beijing, China, May 28, 2019.

Jason Lee | Reuters

China pledged on Saturday to respond to the deregistration of three telecom giants by the New York Stock Exchange under an executive order signed by the president. Donald Trump In November.

The Ministry of Commerce said in a statement that China will “firmly take necessary measures to protect the legitimate rights and interests of Chinese companies,” according to the state-run Global Times newspaper.

The New York Stock Exchange said Thursday that it will write off China Telecom Ltd., China Mobile Ltd. and China Unicom Hong Kong Limited. Trump signed the order in November that Preventing Americans from investing in companies allegedly linked to the Chinese military.

The investment ban will take effect on January 11, just days before the president-elect Joe Biden It is scheduled to open. According to the New York Stock Exchange, trading in the three companies will likely be suspended as soon as possible on January 7 or even January 11.

The Ministry of Commerce said that the United States “misuses national security and uses state power to suppress Chinese companies” and said that this step “is not in line with the rules and logic of the market, which not only harms the legitimate rights of Chinese companies, but also the interests of investors in other countries, including United State “.

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She added, “We hope that the United States and China will work together to create a fair, stable and predictable business environment for companies and investors, in order to restore bilateral economic and trade relations back to the right track.”

Trump has pursued an aggressive economic agenda against China that has become more restrictive since the emergence of the Covid-19 virus, which Trump has dismissed as the “China virus” in Wuhan.

Biden is not expected to significantly alter US-China relations He said on Monday That he “will hold the Chinese government accountable for its violations of trade, technology, human rights and other fronts.”

The White House did not immediately respond to a request for comment on China’s statement on Saturday. Biden’s transition team also did not respond to a request for comment.

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