Delisting China firms harms US financial market

2021-01-05 12:14:15

[Photo/Agencies] The American brand of rules-based free market economy suffers another blow as the New York Stock Exchange, demanded by an ill-based executive order of the current US administration issued in November, moved recently to delist three major Chinese telecom operators. It is just another example of Washington abusing state power to depress law-abiding Chinese companies under the pretext of so-called "national security." The groundless move has further eroded the confidence of global investors in the US market and aggregated tension between the world's top two economies. Since the three firms were enlisted in Wall Street about two decades ago, they have complied with the rules and regulations of the US securities market. So far, the US administration has failed to present any evidence to its claim that the three firms are "Communist Chinese military companies." The United States has long bragged about its free, open and rules-based business environment. Yet Washington's latest move against Chinese firms, purely politically-motivated, gives no regard to the real situation about these companies or the legitimate rights of investors and takes a heavy toll on market order. By punishing foreign companies citing invented crimes again and again, Washington is chipping away at the US credibility as a leading financial market. Policy makers in Washington should be reminded that the United States stands to gain if its equity market runs by clearly-stated, stable rules rather than following whimsical thinking of a few politicians. It is not a secret that China and the United States have differences in many areas, including in economy and trade. However, past experiences have shown that the two sides can rise above their differences and get things done via communication based on mutual respect and equality. It is hoped that Washington can be more rational towards China and find a way to work with Beijing to ensure shared interests, and promote the common good of the world amid unstoppable economic globalization.