UPDATED 7:05 PM PT – Sunday, January 10, 2021
Chinese state media unleash heavy criticism of the New York Stock Exchange following the delisting of China’s telecommunications providers on national security grounds.
“I think what the NYSE has done is very confusing to all investors globally,” Wang Dan, chief economist of the Hang Seng Bank, stated. “And for those investors who have a U.S. account, they might have suffered a big loss in the past week.”
In a series of recent reports, the ‘China Central Television’ and ‘China Global TV Network’ amplified claims that the NYSE delisting of Chinese firms would hurt the U.S.
However, the Pentagon, U.S. Treasury and U.S. Department of State said the U.S. will develop ties with trusted vendors instead. Meanwhile, the Chinese state media is making baseless claims by saying the U.S. may lose access to innovative technology.
“This has shown the determination from the U.S. government, the Trump administration — their determination to decouple with China in finance and technology,” Dan said. “And this is not good news for any investors, especially American [because] those companies, they have invested very heavily in research and development, especially 5G, and that is the future.”
The Trump administration recently banned ‘China Mobile’ and ‘China Telecom Corporation’ as well as ‘Unicom’ from trading its stocks in the United States.
Officials said the Chinese Communist Party is stealing American technology and attempting to sell it to U.S. companies.