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Business & Finance

Suppression of Chinese companies will harm US national interests, says China

*The spokesperson said that some political forces in the United States have been ‘wantonly suppressing’ foreign companies listed in the country, “exposing an arbitrary and capricious uncertainty in its rules and mechanisms.”
06 Jan 2021

China has said that the United States suppression of Chinese companies will harm the national interests and image of the US.

Replying to the New York Stock Exchange decision to abandon plans to delist China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd, the Chinese Foreign Ministry spokeswoman Hua Chunying at a regular news briefing said, “I have noted that China Unicom and China Telecom have made initial responses to this development.

“I would like to stress again that the position of the United States as an international financial hub hinges on global companies and investors trusting the inclusiveness and certainty of its rules and mechanisms,” said Chunying.

The spokesperson said that some political forces in the United States have been ‘wantonly suppressing’ foreign companies listed in the country, “exposing an arbitrary and capricious uncertainty in its rules and mechanisms.”

“The suppression against Chinese companies will have very limited direct impact on them, but will harm the national interests and image of the United States and the global standing of the American capital market,” said the spokesperson.

US President Donald Trump on Tuesday order a ban on transactions involving Alipay, WeChat Pay and other apps linked to Chinese companies, saying they could route user information to the government in Beijing.

The move by Trump comes after previous executive orders aimed at banning TikTok, which is owned by China-based ByteDance, were derailed by court rulings indicating Trump overstepped his legal authority.