US adds China's SMIC and CNOOC to blacklist over ties to Chinese military

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THE Trump administration on Thursday added China's top chipmaker, SMIC, and oil giant CNOOC to a blacklist of alleged Chinese military companies, drawing condemnation from Beijing as US President-elect Joe Biden prepares to take office. Read more at The Business Times.

In Beijing, a foreign ministry spokesperson said China opposed US efforts to suppress its companies, adding that Washington's moves run counter to principles of market competition.

The company also said there was no major impact from its addition to the list. Its Hong Kong shares closed on Friday, down 5.4 per cent after having resumed trading in the afternoon following a suspension. The expanded blacklist is seen as part of a bid to cement Mr Trump's tough-on-China legacy and to box Mr Biden, the Democratic president-elect who takes office on Jan 20, into hardline positions on Beijing amid bipartisan anti-China sentiment in Congress.

 

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