China rebukes Biden for 'suppressing' Chinese firms with list
June 05, 2021 / 6:52 AM
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Sharjah24 – AFP: Beijing accused the United States of "suppressing" Chinese firms and issued veiled threats of a retaliation Friday, after President Joe Biden expanded a blacklist of companies Americans are barred from investing in.
Biden on Thursday widened a list to 59 Chinese companies that are off-limits to American investors over their links to Beijing's "military-industrial complex", as he maintains a campaign of pressure on the Asian superpower.
His predecessor Donald Trump in November issued a list of 31 Chinese companies that were deemed to be supplying or supporting China's military and security apparatus, adding more firms earlier this year.
But after legal challenges put the sanctions in doubt, Biden's team reviewed the blacklist, removing some names and ultimately expanding it. Many are subsidiaries of companies already included.
The sanctions target companies involved in Chinese surveillance technology used to "facilitate repression or serious human rights abuses", which "undermine the security or democratic values of the United States and our allies", according to a White House statement.
China's foriegn ministry decried the move as a "violation of market law" and an attempt to "suppress" Chinese companies.
"Remove these so-called lists that suppress Chinese companies," Wang Wenbin, spokesman for China's Ministry of Foreign Affairs, told reporters, urging the US to be "fair, just and non-discriminatory" towards Chinese companies. "China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies," he added. The initial list published under Trump included major telecoms, construction and technology firms such as China Mobile, China Telecom, video surveillance firm Hikvision, and China Railway Construction Corp.
China National Offshore Oil Corporation (CNOOC) was added in January -- causing S&P to remove it from its stock index -- and remains on Biden's list.
The investment ban takes effect on August 2 and current shareholders have a year to divest.
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