As the three major Chinese telecommunications companies are on the verge of being expelled from the New York Stock Market in the new year, the Chinese government announced a tough response.
On the 2nd (local time), the Ministry of Commerce of China strongly criticized in an official comment, saying, “It is not in accordance with the market principles that the US mobilizes national capabilities to pressure Chinese companies.”
He warned, “This measure will damage not only Chinese companies, but also investors in each country, including the United States, and will greatly reduce confidence in the US capital market.
This is a remark after the US administration’s order of Donald Trump banning American investment in Chinese military-related companies, and three major Chinese telecommunications companies, including China Mobile, China Unicom, and China Telecom, were removed from the New York Stock Market.
Earlier, the U.S. Department of Defense listed these three under the control of the China State-owned Assets Supervision and Management Committee on the list of companies affiliated with the Chinese military.
Accordingly, the New York Stock Exchange announced in a statement on the evening of December 31 (local time) that it would suspend stock trading in China Mobile, Unicom, and Telecom between January 7 and 11.
China’s Ministry of Commerce said, “I oppose the US incorporating Chinese companies on the list as a cause of national security. We will take all necessary steps to protect the rights and interests of Chinese companies.”
He also urged the US to “create a fair, stable and predictable business environment for companies and investors from both countries, and to cooperate so that economic and trade relations between the two countries can quickly get on track.”
Related Articles
China Mobile Allocates 90% of 5G Equipment to Chinese Companies
Chinese “China Mobile, No. 1 in 5G World Over Korean KT”
More Chinese phones were sold in India despite border disputes.
China, Alibaba antitrust investigation… “Alleged forcing monopoly sales”
Inside and outside China, the US government’s move ahead of a regime change is keenly aware of the impact on US-China relations.
In an interview with the state-run Xinhua News Agency, Wang Yi, a state council member in charge of China’s diplomatic affairs, said, “Now before the inauguration of the Biden administration is a new crossroads in US-China relations,” “The new administration of the United States resumed dialogue in a reasonable and rational way. And put the relationship between the two countries back on track,” he said.