BUSINESS China opposes US politicizing trade issues after NYSE delists Chinese telcos

BUSINESS

China opposes US politicizing trade issues after NYSE delists Chinese telcos

CGTN

18:36, January 04, 2021

The U.S. should stop abusing national security and state power to suppress Chinese companies, Chinese Foreign Ministry spokesperson Hua Chunying said at a press briefing on Monday, blasting the U.S.'s delisting of three Chinese telcos as politicizing trade issues.

Pedestrians pass in front of the Nasdaq MarketSite in New York, US, on Monday, Dec. 21, 2020. (Photo: CFP)

The remark came after the New York Stock Exchange (NYSE) announced last Thursday that it would begin delisting China Telecom Corp. Limited, China Mobile Limited, and China Unicom Hong Kong Limited, abiding by an executive order from U.S. President Donald Trump that imposes restrictions on companies identified as "affiliated with the Chinese military."

"China hopes that the U.S. will respect the market, the rule of law, and do more things that are conducive to the stable development of the global economy," Hua said, adding that China will take necessary measures to protect the interests of Chinese enterprises.

Over the weekend, China's Ministry of Commerce (MOFCOM) and the China Securities Regulatory Commission (CSRC) have respectively voiced strong opposition to the move, vowing to firmly support China's three big telcos to protect their rights and interests.

According to the three companies' statements, none of them have received notification from the NYSE on its decision to delist their American Depositary Shares (ADSs).

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