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The Trump administration in its waning days took one other swipe at China and its largest corporations on Thursday, imposing sanctions on officers and firms for alleged misdeeds within the South China Sea and imposing an funding ban on 9 extra corporations.
The strikes will additional enhance tensions with China, Washington’s strategic rival in Asia, days earlier than President-elect Joe Biden takes workplace on Wednesday. The Biden transition workforce didn’t instantly reply to a request for remark.
Executives of state-owned enterprises, officers of the Chinese Communist Party and navy, together with oil large CNOOC will face new restrictions for allegedly utilizing coercion in opposition to states with rival South China Sea claims.
Senior US officers advised reporters on a name Thursday the brand new CNOOC restrictions is not going to apply to crude, refined fuels and liquid pure fuel and don’t apply to current joint ventures with CNOOC that don’t function within the South China Sea.
Nine Chinese corporations have been added to the Pentagon’s checklist of firms with alleged ties to the Chinese navy, together with planemaker Comac and telephone maker Xiaomi Corp.
Those firms can be topic to a brand new US funding ban which forces American traders to divest holdings of the blacklisted corporations by November 11, 2021.
Shares in Xiaomi slumped over 8 % in early Friday buying and selling, in opposition to a 0.2 % drop within the Hang Seng index, whereas CNOOC Ltd shares rose round 1 %.
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Last Update: Friday, 15 January 2021 KSA 10:09 – GMT 07:09
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