Nov. 13 (UPI) — China denounced a U.S. government order that bans U.S. residents from investing in Chinese language military-owned corporations, calling the transfer a type of “malicious slander.”

Chinese language overseas ministry spokesman Wang Wenbin mentioned Friday at a daily press briefing the chief order signed by President Donald Trump is an assault on the “convergence improvement coverage” that has enhanced cooperation in China between the navy and the personal sector.

“This transfer is not going to solely significantly harm the professional pursuits of Chinese language corporations, however will even harm the pursuits of traders in varied international locations, together with america,” Wang mentioned.

Trump’s government order is relevant to 31 Chinese language corporations that “allow the event and modernization” of China’s navy and “straight threaten” U.S. nationwide safety.

The order is to take impact on Jan. 11, or a couple of week earlier than the inauguration of U.S. President-elect Joe Biden.

Smartphone producers, together with Huawei and Hikvision, are among the many blacklisted corporations. Hikvision is without doubt one of the world’s largest video surveillance tools makers, based on CNN. China Telecom and China Cell, two different banned corporations, are listed on the New York Inventory Change.

Trump’s new order extends to pension funds. Buyers can’t personal or commerce securities that embrace shares from these corporations, and shareholders should divest by November 2021.

Huawei has been the supply of controversy following U.S. allegations of abetting Chinese language authorities espionage. Huawei’s merchandise include “backdoors” for surveillance, U.S. officers have mentioned.

The Trump administration has remained essential of latest developments in Hong Kong, after the Hong Kong authorities disqualified opposition lawmakers from the town’s Legislative Council.

The transfer “leaves little question that the Chinese language Communist Social gathering has flagrantly violated its worldwide commitments beneath the Sino-British Joint Declaration and its guarantees to the folks of Hong Kong, together with these beneath the Primary Regulation,” White Home nationwide safety adviser Robert O’Brien mentioned this week.