China takes ‘necessary measures’ after the US has taken three companies off the stock exchange

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China vowed on Saturday to take “necessary steps” to protect its businesses after the New York Stock Exchange (NYSE) scraps three Chinese telecom companies over alleged ties to the country’s military.

NYSE announced on Thursday that it has begun the process of acquiring China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd. and suspend them between 7 and 11 January. President TrumpDonald Trump Trump calls Georgia Senate runoffs ‘both illegal and invalid’ in New Year’s tweets Judge Dismisses Gohmert’s Election Case Against Pence Ex-GOP Senator Proposes Forming New Party, Calls Trump ‘Ringmaster’ of Republicans MORE issued an executive order in November banning US investment in military-regulated Chinese companies, which will take effect Jan. 11.

“This kind of misuse of national security and state power to suppress Chinese companies is inconsistent with market rules and against market logic,” said China’s Ministry of Commerce, Reuters said.

“It not only harms the legal rights of Chinese companies, but also harms the interests of investors in other countries, including the United States,” he added.

The ministry also asked that the United States consider compromising with China to restore bilateral trade relations, Reuters reported.

The Trump administration has stepped up mounting tension between the US and China in recent weeks for the president-elect Joe BidenJoe Biden Trump calls Georgia Senate runoffs ‘both illegal and invalid’ in New Year’s tweets Judge Dismisses Gohmert’s Election Case Against Pence Ex-GOP Senator Proposes Forming New Party, Calls Trump ‘Ringmaster’ of Republicans MORE takes office. Earlier this year, he signed an executive order allowing the US to blacklist Chinese companies, stating that the Chinese military is trying to influence “ civilian Chinese companies to support their military and intelligence activities. ” The United States.

Chinese officials have said they are hopeful that the upcoming Biden administration will be able to ease tensions.

China’s senior diplomat Wang Yi said he believes Biden could usher in “a new window of hope” with regard to US-China relations, according to Reuters.

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