China says it will respond to listings of telecom giants

US and Chinese flags are displayed at the booth of the American International Chamber of Commerce (AICC) during the trade fair for the International Fair in Beijing, China on May 28, 2019.

Jason Lee | Reuters

China vowed on Saturday to respond to the listing of three telecommunications giants by the New York Stock Exchange under an executive order signed by President Donald Trump in November.

The Commerce Ministry said in a statement that China would “take the necessary steps to ensure the continued protection of the legitimate rights and interests of Chinese industries,” according to the state-run Global Times.

NYSE said on Thursday that it would list China Telecom Corporate Limited, China Mobile Limited and China Unicom Hong Kong Limited. Trump signed an order in November accusing Americans of barring them from investing in companies linked to the Chinese military.

The investment ban will take effect on January 11, just days before Biden’s inauguration if elected president. According to NYSE, trading in all the three companies will be suspended from January 7 sooner or later.

The Commerce Ministry said the US was “abusing national security and using state power to disrupt Chinese businesses” and said the move was “inconsistent with market rules and logic, not only harming the legitimate rights of Chinese businesses”. , But also the interests of investors from other countries, including the US. “

“We hope that the US and China will work together to create a fair, stable and predictable business environment for enterprise and investors, so that bilateral economic and trade relations can get back on track,” it added.

Trump has set an aggressive economic agenda against China that has become more restrictive since the emergence of Kovid-19, which Trump has insultingly dubbed the “China virus” in Wuhan.

Biden is not expected to change US-China relations dramatically and said Monday that he would “hold the Chinese government accountable for its abuse on trade, technology, human rights and other fronts.”

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

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