BEIJING: China firmly opposes the White House’s decision to continue the Trump-era ban on U.S. investments in Chinese firms linked to the military, the Chinese Foreign Ministry said on Wednesday.
In continuing the ban of the previous administration on investments in companies they say are linked to China’s military, Foreign Ministry spokesperson Zhao Lijian said the U.S. is repeating its mistake, adding that this is a move driven by its political agenda and a wanton denial of facts and the actual situation of relevant companies.
It has seriously undermined the rules and order of the market, and hurt the legal rights and interests of Chinese businesses and those of global investors including American investors, he added.
“We urge the U.S. to respect the rule of law and the market, mend its way, and stop taking actions that harm the functioning of global financial markets and the legal rights and interests of investors,” Zhao said.
The spokesperson noted that the Chinese side will take necessary measures to firmly uphold the legitimate and legal rights and interests of Chinese companies, and support Chinese businesses in protecting their interests according to law.
Meanwhile, China’s Ministry of Commerce on Thursday pledged necessary measures to protect the legitimate rights and interests of Chinese companies after the U.S. banned new equipment sales from five Chinese firms.
The U.S. Federal Communications Commission issued a ban last Friday on importing and selling telecommunications equipment of five Chinese companies including Huawei and ZTE, alleging they pose an “unacceptable risk” to U.S. national security.
Huawei and ZTE have repeatedly opposed U.S. restrictions and denied that they threaten U.S. security.
Ministry spokesperson Shu Jueting told a press conference that China firmly opposes the U.S. generalizing the concept of national security and abusing state power to maliciously suppress Chinese companies and urged the U.S. side to immediately correct its wrong practices.
The move will not only damage the legitimate rights and interests of Chinese companies but will also affect the interests of American companies and consumers and disrupt the international economic and trade order, which does no good for either country or the world at large, Shu said.