The Biden administration is striving to explain China, Reuters says
The US again opposed China as it appears to be set up to add additional companies to the economic blacklist, as it believes the Chinese government is involved in human rights abuse.
According to Reuters, up to 10 businesses can be added to the list by the Biden administration.
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Among the accusations is the use of forced labor camps by the Chinese government in New Jiang.
The US decision represents an effort by Biden and his staff to explain China, Reuters reported.
China continues to distance itself from such allegations and says its policy is necessary to eliminate religious extremism.
“China will take all necessary steps to protect the legitimate rights and interests of Chinese companies and reject any attempts to interfere in China’s internal affairs,” a spokesman for the Ministry of Foreign Affairs on Friday. Wang Wenbin said.
The names of the companies on the list have not been revealed, but additional companies from other countries may still be added.
Earlier this week, it was reported that large Chinese companies are under pressure as they pledged to descend to Chinese companies in a US exchange.
Among the countries under scrutiny are Didi, Alibaba and Tencent.
“While US investors need to weigh the risks of owning ADRs during heightened tensions between Beijing and Washington, all global investors have the potential to be addressable in China. The market appeal must be balanced with the possibility that authorities will be scattered and reshaping the company’s outlook, Peter Berezin, chief global strategist at BCA Research, said in a memo on Wednesday.
Didi, a Chinese riding app, raised $4.4 billion after a list in the US, which is one of the biggest Chinese companies in the US since e-commerce giant Alibaba in 2014, shortly after raising $4.4 billion It has been removed from the store.
