China says firmly opposes U.S. bill that could remove Chinese firms from U.S. exchanges

© Reuters/Aly Song FILE PHOTO: Chinese and U.S. flags flutter near The Bund in Shanghai

BEIJING (Reuters) – China said on Monday it firmly opposed U.S. President Trump signing a bill that would kick Chinese companies off U.S. stock exchanges unless they adhere to U.S. auditing standards, saying it contains discriminatory provisions against Chinese companies.

“This is nothing but an unjustified political crackdown on Chinese enterprises listed in the United States,” foreign ministry spokesman Wang Wenbin told a daily new briefing in Beijing.

“It will seriously hinder the normal listing of Chinese companies and distort the basic market economy rules that the U.S. has always touted,” Wang said.

President Donald Trump on Friday signed legislation that would remove Chinese companies from U.S. stock exchanges unless they adhere to American auditing standards, the White House said, giving the Republican one more tool to threaten Beijing with before leaving office next month.

(Reporting by Cate Cadell, Editing by William Maclean)