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China firmly opposes the US signing of the Holding Foreign Companies Accountable Act into law, which contains clauses that clearly discriminate against Chinese companies, Chinese Foreign Ministry spokesman Wang Wenbin said on Monday.

After passing Congress, the act was recently signed by President Donald Trump into law. The law strictly requires foreign companies listed in the US to disclose information to US regulators. US lawmakers say the law mainly targets China.

Wang pointed out that this move is an unreasonable political crackdown on Chinese-listed companies in the US, and seriously hinders the normal listing of Chinese companies in the US. It distorts the basic principles of a market economy consistently touted by the US, and will eventually damage the international status and reputation of the US capital market.

“We urge the US not to implement the China-related discriminatory provisions of the law and stop the wrong practice of politicizing securities regulations,” Wang said.

Wang stressed that both sides should, on the basis of mutual respect, jointly promote cooperation on audit supervision and regulation, and provide a fair, just and non-discriminatory business environment for companies from all over the world, including Chinese companies, to list in the US.

(Compiled by Peng Temin)