The New York Stock Exchange delisted three of China’s telecom firms, after Washington claimed that the firms had ties with the Chinese military. China’s Commerce Ministry has responded to the situation, saying that it will take necessary measures to protect the interests of its companies.
The targeted Chinese firms include China Mobile, China Unicom and China Telecom. Former US President Donald Trump had ordered to bar U.S. investment in 31 firms back in November, all of which according to Washington, are either owned or controlled by the Chinese military.
The Commerce Ministry of China called the US’ move an “abuse of national security and state power to suppress Chinese firms.” The ministry further said that it harms the legal rights of Chinese companies, does not comply with market rules, violates market logic, and damages the interests of investors in other countries, including the US itself.
Although China has threatened to take action against the US, the ministry also called on the US to meet China half-way and put bilateral trade relations back on track.
The relations between the two countries with the most powerful economies have been affected over a number of back-and-forth disputes related to trade and human rights. Things started to get worse with the US Commerce Department adding dozens of Chinese firms to a trade blacklist in December and accusing Beijing of using the companies to harness civilian technologies for military purposes.