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4 Jan, 2021 14:41

China blasts US for ‘unreasonable suppression of foreign companies’ after Washington blacklists three Chinese firms

China blasts US for ‘unreasonable suppression of foreign companies’ after Washington blacklists three Chinese firms

Beijing has hit out at Washington over its “unwarranted suppression” of foreign companies after the US ordered the delisting of three Chinese firms from the New York Stock Exchange.

Speaking on Monday during a regular press briefing, Chinese Foreign Ministry spokesperson Hua Chunying told reporters that Beijing firmly opposes “the US’ politicization of economic and trade issues” and its “abuse of national power.”

“The relevant actions of the United States have seriously violated the market competition principles and international economic and trade rules that the United States has always advertised,” Hua said. 

She also accused “political forces” in the US of continuing to “unreasonably suppress foreign companies” listed there, and called such actions “very unwise.”

Hua contended that Washington’s actions would damage America’s own national interests and erode its position as a global leader in capital markets. She also said Beijing was prepared to take the necessary action to protect the legitimate rights of Chinese businesses, but hoped the US would come to respect the market and the rule of law. 

Her remarks come after the New York Stock Exchange issued a statement last Thursday stating that three Chinese companies, China Unicom (Hong Kong), China Mobile and China Telecom, would be delisted as they allegedly have military links. 

In December, 58 Chinese firms were blacklisted by the US over their purported ties to China’s military. 

Also on rt.com Beijing warns of retaliation over US delisting of Chinese firms, which runs ‘against market rules & logic’

Last week’s move is the latest in a series of targeted economic actions by Washington against Beijing and Chinese firms amid rising tensions between the two superpowers.

On Monday, the UK stock exchange, the FTSE Russell, said China United Network Communications, Nanjing Panda Electronics and Semiconductor Manufacturing International Corporation (SMIC) would be deleted from its FTSE Global Equity Index following guidance concerning an executive order by US President Donald Trump.

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