Trump Signs Bill That Could Kick Chinese Firms off U.S. Exchanges

President Donald Trump on Friday signed legislation that would kick Chinese companies off U.S. stock exchanges unless they adhere to American auditing standard. Meanwhile, the Holding Foreign Companies Accountable Act bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row.

Also, the legislation's sponsors intended it to target Chinese companies listed in the United States, such as Alibaba, tech firm Pinduoduo and oil giant PetroChina Co, according to Reuters. On other hand, Chinese officials have dismissed the measure as a discriminatory policy that politically oppresses Chinese firms.

President Donald Trump

Earlier, China's top diplomat offered cooperation on key priorities of President-elect Joe Biden, warning that Beijing's many US critics were creating an atmosphere of "McCarthyism" and ignoring common interests. Moreover, the chines Foreign Minister Wang Yi, voiced hope for a return of talks and "mutual trust" between the world's two largest economic powers after Biden takes over on 20 January.

Donald Trump

Mr Yi, explained that China saw space for cooperation with Biden on three of the four issues he has identified as immediate priorities , Covid-19, economic recovery and climate change. Biden's fourth stated priority is racial equity.