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In the 1970s, President Richard Nixon had adopted Chinese relations by opening trading and outsourcing job, which later made China wealthy. Chinese influence on the American economy has grown throughout the years.
During the Trump administration, there was control in the Chinese influence on the business sector. Unfortunately, now that President Trump will be out of the White House, the New York Stock Exchange officials disregarded the executive order to delist three Chinese companies from the exchange.
The #NYSE announced that it is scrapping plans to delist 3 Chinese telecom companies, China Mobile, China Telecom, and China Unicom HK, which are linked to the #ChineseMilitary.— China in Focus - NTD (@ChinaInFocusNTD) January 6, 2021
The stock exchange is completely reversing course after announcing the delistings only a week ago. pic.twitter.com/YaolVbHz62
The following Chinese telecoms need to be banned from NYSE: China Mobile, China Telecom, and China Unicom Hong Kong. These telecoms have links to the Chinese military, according to US intelligence reports.
On its parent ICE’s website, NYSE announced that it would no longer act on delisting the three Chinese telecoms. The Chinese telecoms will still be a part of the stock exchange and are under evaluation.
China Telecom shares increased to 8 percent after the statement made by the stock exchange officials. According to the Global Times, the Ministry of Commerce will protect the right of Chinese firms.
The New York Stock Exchange said it no longer plans to delist China’s big three telecommunications companies.— Bloomberg Markets (@markets) January 5, 2021
Shares of China Mobile, China Telecom and Unicom rallied on the latest development, rising more than 6% in Hong Kong trading. https://t.co/dK2Ph5hXQi
Both Joe Biden and Kamala Harris are avid supporters of the “China First” policy. Beijing has already expressed its desire to keep its ties with America through the Biden administration.
The Ministry of Commerce stated that not allowing Chinese enterprises in the US is a form of national security and power abuse.
According to the ministry, China hopes to work together with the US to have strong business firms that will attract more investors in the future. China hopes to be back on track when it comes to trading with the US.
For four years, China has struggled in advancing its interests during President Trump’s turn.
The next four years will be a time for Chinese enterprises to achieve more power and influence in the business sector, control everything, and mop out American businesses.
It is unfortunate to see how people with ulterior motives have scrapped President Trump’s effort to put America First for four years.