China criticizes U.S. move to increase financial sanctions

Beijing (AP) — Friday’s Chinese government criticized U.S.’s new move to reduce access to U.S. financial markets and said it would protect Chinese businesses, but said it did not show any potential for retaliation. ..

The S & P Dow Jones Index and FTSE Russell have removed more Chinese companies from the index after President Joe Biden expanded the blacklist of off-limits companies to US investors. Such indexes form the basis of billions of dollars in stocks and bonds.

Wang Wenbin, a spokesman for the Ministry of Foreign Affairs, accused Washington of “abusing national power and generalizing the concept of national security to suppress Chinese businesses for no reason.”

Beijing said it would “take all necessary steps” to protect businesses and “defeat US attempts to interfere with China’s internal affairs.” He didn’t reveal the details.

Restrictions were initiated by Biden’s predecessor Donald Trump to block access to U.S. financing for companies that appear to be contributing to efforts to modernize the ruling Communist military sector. It was. They include telecommunications, oil, aerospace and other companies.

Biden’s June 3 order increased the number of Chinese companies on the list from 44 to 59 in Trump.

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