The Chinese government opposes the latest policy from the United States that reportedly if President Donald Trump signs a bill to kick Chinese companies off the US stock exchange, Wall Street.
Quoting from US-China Commission (USCC) data as of October 22, 2020, there are 217 Chinese companies listed on Wall Street. Among them: Alibaba Group, China Life Insurance, China Mobile Limited, JD.com Inc, PetrChina Company Limited, Pinduoduo Inc, KE Holdings, China Petroleum & Chemical Corporation.
Alibaba Cs can Survive
But the law also regulates that Chinese companies can survive if they comply with US auditing standards. Trump has signed the rules since last Friday.
According to representatives of the Chinese government, the policy is very discriminatory. Donald Trump administration’s treatment is deemed unjustified.
“This is nothing but an unjustifiable act of political violence against companies registered in the United States,” said Chinese foreign ministry spokesman Wang Webin.
Wang added the policy would distort the basic economic market rules that the United States has always praised.
The policy added to the heat of relations between the two countries after the US again put a number of Chinese technology companies on the list of entities. This time drone manufacturers, DJI and Semiconductor Manufacturing International Corporation (SMIC) have to suffer the same fate as Huawei.
In this way the future of the two of them is increasingly unclear in the United States. However, DJI ensures that the goods can still be bought and used in that country normally.
The Ministry of Trade accused the DJI of violating human rights extensively. Meanwhile, SMIC is included in the list of entities to protect US national security.
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