China will respond to stock market expansion

Beijing. China said Saturday it will take the necessary steps in response to the New York Stock Exchange’s announcement that it will scrap three major Chinese telecommunications companies in the context of the latest burst of tensions between Beijing and Washington.

The exchange said on Thursday that the China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. would delete and that trade in the companies will be suspended sometime between 7-11. from January.

The decision stems from an executive order issued by President Donald Trump on Nov. 12 prohibiting investment in listed companies that the U.S. government says are owned or controlled by the Chinese military.

“China opposes the misuse of US national security by listing Chinese companies as ‘Communist Chinese military companies’ and will take the necessary countermeasures to resolutely safeguard the legitimate rights and interests of Chinese companies,” he said . in a statement a spokesman for the Ministry of Commerce of China.

The actions will also “significantly weaken all parties’ confidence in the US capital market,” the statement said.

The ministry did not provide details of what the measures could be.

With Trump, and especially in his final weeks in office, the United States has stepped up economic sanctions and travel bans against US companies, government officials and members of the Communist Party.

In December, the United States announced plans to limit visas for Communist Party members and their families to one month instead of 10 years.

Chinese tech giant Huawei has been excluded from the US market and the US has pressured other countries to follow suit, albeit with mixed results.