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Chinese Wants U.S. To Cancel “Inappropriate” Actions Against Chinese Companies

Chinese Wants U.S. To Cancel “Inappropriate” Actions Against Chinese Companies

The Chinese authorities would like the U.S. to cancel “inappropriate” actions against Chinese companies, vice commerce minister Wang Shouwen mentioned Monday.

The U.S. Commerce Department on Friday added five Chinese technology companies to the so-called entity list that successfully prohibits them from buying parts from American firms.

“We hope the U.S. side, beneath the rules of free trade and the spirit of WTO (World Trade Organization) principles, can cancel these inappropriate measures towards Chinese corporations, and remove them from the entity checklist. This has advantages for each side,” Wang stated in Mandarin, in response to a CNBC translation.

He was talking at a press conference Monday morning about Chinese President Xi Jinping’s forthcoming trip to the G-20 summit on the end of this week in Osaka, Japan.

The latest U.S. actions come after Chinese telecom, and smartphone giant Huawei was added to the entity list in May, and after President Donald Trump and Xi held a phone call last Tuesday about plans to accomplish on the G-20 summit.

U.S. and Chinese stock indexes recuperated after news of the decision, in hopes, the world’s two largest economies would soon reach an agreement on a trade dispute that has lasted for greater than a year, and agitated global equity markets in addition to fueled issues about economic progress worldwide.

“Beijing obtained one other reminder of U.S.’s willingness to crack down on Chinese tech firms on Friday, with the Commerce Department’s announcement that it’ll place a number of Chinese supercomputing corporations — together with number two firm Sugon — on the entity list,” Michael Hirson, practice head, China and Northeast Asia, at Eurasia Group, mentioned.

Discussions are begun between the U.S. and Chinese negotiating groups ahead of the G-20 assembly, and each country should make compromises in trade talks, Wang mentioned Monday.