Beijing threatens retaliation for delisting Chinese companies from the New York Stock Exchange

Beijing threatens retaliation for delisting Chinese companies from the New York Stock Exchange

China will respond to the decision of the New York Stock Exchange to exclude from trading the shares of three Chinese telecommunications companies with the necessary countermeasures. The Chinese Ministry of Commerce announced this on Saturday, but did not specify the measures. The stock exchange announced on Thursday that it would decommission China Telecom, China Mobile and China Unicom Hong Kong and stop trading their shares on January 7-11. The move is based on President Donald Trump's decree of November 12, which bans investments in publicly traded companies that the US government claims are owned or controlled by the Chinese military. "China is opposed to Americans abusing national security by listing Chinese companies on the list of so-called 'communist Chinese military companies' and will take the necessary measures to resolutely protect the legitimate rights and interests of Chinese companies, a spokesman for China's trade ministry said in a statement. The steps will also "significantly weaken the confidence of all parties in the US capital market," the statement said. The withdrawal of Chinese companies from the New York Stock Exchange is contributing to increased tensions between Beijing and Washington. Under Donald Trump, the United States has tightened economic sanctions and a travel ban on Chinese companies, government officials and Communist Party members. For example, they also excluded the Chinese technology giant Huawei from their market and tried to persuade other countries to take a similar step, the AP agency recalls.