China threatens to retaliate on US delisting of telco firms, pushes for trade talks

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China threatens to retaliate on US delisting of telco firms, pushes for trade talks

Late on Saturday, China’s Commerce Department had issued a statement saying that Beijing would take “necessary measures” to insulate three of its US-listed telecom companies’ interests as New York Stock Exchange began the proceedings to delist the Chinese telecom firms citing a White House blacklisting that barred US investors’ access into the telecom companies, fanning up the flames further of an embittered trade tension between Washington and Beijing.

In point of fact, latest remark from Chinese Commerce Department came forth a couple of days after New York Stock Exchange was quoted saying in an announcement that the world’s largest stock exchange, owned by Intercontinental Exchange based on Atlanta, Georgia, had been mulling an option to delist the securities of three Chinese firms such as China Mobile, China Unicorn and China Telecom as early as by January 7 or January 11, while New York Stock Exchange had mooted the departing US President Donald Trump’s executive order in November that barred US investments on 31 firms which Washington claims are controlled or owned by the Chinese military.

Meanwhile, branding the latest US Government move to squeeze out Americans’ investments on Chinese companies as a potential abuse of national security and state power, the Chinese Ministry of Commerce said in a statement late on Saturday, “This kind of abuse of national security and state power to suppress Chinese firms does not comply with market rules and violates market logic.

It not only harms the legal rights of Chinese companies but also damages the interests of investors in other countries, including the United States”.

China calls on the US to meet Beijing half-way

Although China’s pro-CCP-backed Government had yet to reveal the actions which it had been brewing off to safeguard its firms’ interests, the Ministry had also called on the US Government to meet Beijing half-way in a bid to put their derailed trade relations back in the track.

Nonetheless, questions remained on whether an administration led by a Democratic President-elect Joe Biden, scheduled to take over the Oval Office by January 20, would stretch out its arms in a friendly manner to Beijing amid growing strains in trade relationships over a series of impudent disputes on blazing issues likes of human rights’ abuses in the China-controlled island city of Hong Kong.