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China says it will take action against U.S. delisting of its telecom firms

Published 01/02/2021, 05:23 AM
Updated 01/02/2021, 07:05 AM
© Reuters. 5G active antenna units with logos of China Mobile and Huawei are seen in front of a National People's Congress (NPC) conference center in Luoyang, Henan

© Reuters. 5G active antenna units with logos of China Mobile and Huawei are seen in front of a National People's Congress (NPC) conference center in Luoyang, Henan

SHANGHAI (Reuters) -China will take "necessary measures" to safeguard the interests of its companies after the New York Stock Exchange began delisting three Chinese telecom firms that Washington says have military ties, the country's commerce ministry said on Saturday.

The NYSE said on Thursday that it would delist China Mobile (NYSE:CHL), China Unicom (NYSE:CHU) and China Telecom (NYSE:CHA) following President Donald Trump's move in November to bar U.S. investment in 31 firms that Washington says are owned or controlled by the Chinese military.

"This kind of abuse of national security and state power to suppress Chinese firms 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 damages the interests of investors in other countries, including the United States," it added.

While the ministry said it will take action to protect its firms, it also called on the United States to meet China half-way and put bilateral trade relations back on track.

In its final weeks before President-elect Joe Biden takes office on Jan. 20, the Trump administration has stepped up its hardline stance against China.

Relations between the two biggest economies have come under increasing strain amid a series of disputes over issues like trade and human rights.

The U.S. Commerce Department added dozens of Chinese companies to a trade blacklist in December, accusing Beijing of using its firms to harness civilian technologies for military purposes.

Chinese diplomats have expressed hope that Biden's election will help ease tensions between the two countries.

In comments published on Saturday, China's senior diplomat Wang Yi said relations with the United States had reached a "new crossroads" and "a new window of hope" could now be opened.

© Reuters. 5G active antenna units with logos of China Mobile and Huawei are seen in front of a National People's Congress (NPC) conference center in Luoyang, Henan

 

Latest comments

We dont like china
It is got to do with china stealing. However this may not stop communist country from what they are good at stealing tech and trade secrets.
The three are stated own. But it is necessary owned or controlled by Chinese military.
What is risk for delist Chinese companies? What is benefit from lastq Trump's craziness? Is he/his supporter mentally capable to think about US national benefit? How about tiktok now?
internal affairs 😂
🧸🧸🧸🧸danger spoiled bulls hehehehehe
I pity this US admin. They are bunch of coward 12 years old who try to bully in the lower classes to compensate :) In other words, they are *losers*.
Cowards concede to fraud.  It's just the opposite.  Who is the "lower class"?  That is euro talk, and Obama-speak.  Doesn't work here
Really been hitting that main stream media cool-aid for the holidays?
china should ban iphone in china,kenudnejn ikdjjkeinmekd
china should ban iphone in china
The Chinese don't even have a pot to ******** in atm they need to stay in their lane or abide by the rules
 No need, they already own him.
20% of Apple's revenue is from Chinese consumers, and most of the manufacturing for those insanely overpriced electronics still happens in China.
Do your math
Irrelevant. Not the issue
I m wondering what will happen if the Chinese gov decides to withdraw all money, stacked up there with intermediary help, from wall street.
US will thrive, too many countries to work with.
There is no money left in the world it is all Fiat currency, worthless.
...do you mean if they gave back our dollars in exchange for their yuan? At a 7 to 1 ratio (yuan to USD)...well, you do the math.
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