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SHANGHAI, Dec 4 (Reuters) – China’s securities regulator said on Friday that U.S. legislation that threatens to kick Chinese firms off its exchanges is “clearly discriminatory” and politically driven, but China is still willing to talk.
The U.S. Congress passed legislation on Wednesday that would force Chinese firms to delist from U.S. exchanges unless they abide by U.S. accounting rules. It is expected soon to be signed into law by U.S. President Donald Trump.
The China Securities Regulatory Commission (CSRC) said in a statement that the “Holding Foreign Companies Accountable Act” is “clearly discriminatory” and not based on professional grounds.
The Act would force U.S.-listed companies to prove that they are not controlled by a foreign government, and require companies name Chinese Communist Party (CCP) officials on their boards, and disclose whether their articles of incorporation contains any charter of the CCP.
“We firmly oppose