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Monday, December 23, 2024

China urges the US to withdraw funding ban

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China urged the US to respect market law and principle.China urged the US to respect market legislation and precept.PHOTO: AFP

BEIJING (REUTERS, AFP) – China stated on Friday (June 4) that it strongly condemned United States President Joe Biden’s signing of an order to ban investment in dozens of Chinese defence and tech firms.

China’s international ministry decried the transfer as a “violation of market legislation” and an try and “suppress” Chinese language corporations. 

“Take away these so-called lists that suppress Chinese language corporations,” Mr. Wang Wenbin, spokesman for China’s Ministry of Overseas Affairs, instructed reporters, urging the US to be “truthful, simply and non-discriminatory” in the direction of Chinese language corporations. 

“China will take crucial measures to resolutely safeguard the respectable rights and pursuits of Chinese language corporations,” he added. 

Mr Biden signed an govt order on Thursday that bans US entities from investing in dozens of Chinese language corporations with alleged ties to defence or surveillance know-how sectors, a transfer his administration says expands the scope of a legally flawed Trump-era order.

Mr Biden on Thursday widened an inventory to 59 Chinese language corporations which can be off-limits to American buyers over their hyperlinks to Beijing’s “military-industrial advanced”, as he maintains a marketing campaign of stress on the Asian superpower. 

His predecessor Donald Trump in November issued an inventory of 31 Chinese language corporations that have been deemed to be supplying or supporting China’s army and safety equipment, including extra companies earlier this 12 months. 

However after authorized challenges put the sanctions unsure, Mr Biden’s workforce reviewed the blacklist, eradicating some names and in the end increasing it.

Many are subsidiaries of corporations already included. 

The sanctions goal corporations concerned in Chinese language surveillance know-how used to “facilitate repression or critical human rights abuses”, which “undermine the safety or democratic values of the US and our allies”, in line with a White Home assertion. 

The preliminary listing revealed underneath Mr Trump included main telecoms, development and know-how companies corresponding to China Cellular, China Telecom, video surveillance agency Hikvision, and China Railway Development Corp. 

China Nationwide Offshore Oil Company (CNOOC) was added in January – inflicting S&P to take away it from its inventory index – and stays on Mr Biden’s listing. 

The funding ban takes impact on August 2 and present shareholders have a 12 months to divest. 

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Rachel Ha
Industrial and agricultural product enthusiast. Expert on Vietnam economy. Focus on FTA agreements between Vietnam and other countries.
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