The Chinese Foreign Ministry denounced the political background of this measure and warned about its negative impact on market rules and the interests of investors around the world.

China also deplored that Washington abuses the concept of national security and its power to harass Chinese firms, after demanding that it revoke the measure and ratify its willingness to protect the rights of its business community.

The veto will prevent investments by US companies in 59 Chinese firms, including Huawei and three major telecommunications companies, because they allegedly support Beijing’s intelligence, military and security apparatuses.

This is an extension of the executive order signed in November 2020 by then President Donald Trump and initially directed against 48 firms from China.

The US Department of Treasury will now be responsible for implementing a measure, which renews tensions in bilateral ties, damaged by the maneuvers undertaken by the Trump administration.

jg/llp/mem/ymr