The US Threatens to remove Chinese companies from stock markets if they fail to observe with the country’s auditing rules. This law was first brought by Former President Donald Trump to threaten Beijing one more time before leaving the White Office. The Holding Foreign Companies Accountable Act” bars protections of unfamiliar organizations from being recorded on any U.S. trade if they have neglected to agree to the U.S. Public Accounting Oversight Board’s reviews for a very long time.
While it applies to organizations from any nation, the legislation’s sponsors have expected it to target Chinese organizations recorded in the United States, for example, tech firm Pinduoduo Inc, Alibaba, and oil goliath PetroChina Co Ltd…
Measures taking a harder line on Chinese business and exchange rehearses, for the most part, pass Congress with huge edges. The two Democrats and Trump’s kindred Republicans reverberation the president’s firm stance against Beijing, which became fiercer this year as Trump censured China for the Covid assaulting the United States. Trump has also termed as coronavirus as China virus.
The American Securities Association appreciated entry of the bill stating that it was important to shield Americans from “fraudulent organizations constrained by the Chinese Communist Party.”
Did China respond after US Threatens?
The Chinese Embassy in Washington has not responded to a request for comment immediately, but
Chinese foreign service representative Hua Chunying has said before the vote that it was a prejudicial arrangement that politically persecutes Chinese firms. “Rather than setting up layers of hindrances, they have faith and trust the U.S. can give a reasonable and non-biased climate for foreign firms to put and work in the U.S.,” Hua has told through news conference.