China has backed down on a ban on flights by US airlines after President Donald Trump’s administration retaliated by threatening to block carriers from that country flying into America.
As per reports, Beijing announced the decision on Thursday to allow American airlines to operate limited flights to the country after Washington said it would bar Chinese airlines from flying into the US from June 16.
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The airlines spat came amid rising tensions on many fronts, from health to diplomacy, between the US and China, the world’s two largest economies.
On Thursday the US President fired another salvo at China accusing it of endangering US investors by refusing to have its companies listed in the US stock markets comply with US investor protection provisions.
“China’s efforts to thwart transparency requirements suggest significant risks even for investors in Chinese companies listed on US stock exchanges,” he said.
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He cited as an example Chinese government restrictions on auditors sharing information with the board overseeing them.
Saying that “the time has come to take firm action”, Trump added that he was setting up a Working Group on Financial Markets to suggest remedies for ensuring Chinese companies listed in American companies complied with US norms.