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Washington:
President Donald Trump on Friday signed laws that may kick Chinese corporations off US inventory exchanges until they adhere to American auditing requirements, the White House mentioned, giving the Republican yet one more instrument to threaten Beijing with earlier than leaving workplace subsequent month.
“The Holding Foreign Companies Accountable Act” bars securities of overseas corporations from being listed on any US change if they’ve didn’t adjust to the US Public Accounting Oversight Board’s audits for 3 years in a row.
While it applies to corporations from any nation, the laws’s sponsors supposed it to focus on Chinese corporations listed within the United States, resembling Alibaba, tech agency Pinduoduo Inc and oil big PetroChina Co Ltd.
The laws, like many others taking a more durable line on Chinese companies, had handed Congress by giant margins earlier this 12 months. Lawmakers – each Democrats and Trump’s fellow Republicans – echo the president’s laborious line towards Beijing, which turned fiercer this 12 months as Trump blamed China for the coronavirus ravaging the United States.
The act would additionally require public corporations to reveal whether or not they’re owned or managed by a overseas authorities.
Chinese officers have dismissed the measure as a discriminatory coverage that politically oppresses Chinese corporations.
Chinese authorities have lengthy been reluctant to let abroad regulators examine native accounting corporations, citing nationwide safety issues.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
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