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Protectionist sentiment rising in US: China after MoneyGram deal collapse

Ant Financial's plan to acquire MoneyGram collapsed last week after a US government panel rejected the deal over national security concerns

Reuters  |  Beijing 

China-US ties
Photo: Reuters

China's commerce ministry said on Thursday is rising in the United States after Chinese company Ant Financial's plan to buy US money transfer firm Inc collapsed.

is disappointed that the Ant Financial-was rejected on national security grounds, ministry spokesman Gao Feng said in a regular briefing.

Ant Financial's plan to acquire MoneyGram collapsed last week after a panel rejected the deal over national security concerns, the most high-profile Chinese deal to be torpedoed during US President Donald Trump's administration.

is owned by Chinese internet conglomerate Holding Ltd.

In another blow to the global ambitions of Chinese firms, Huawei Technologies Co's planned deal with US carrier to sell its smartphones in the United States has fallen apart at the 11th hour because of security concerns.

An editorial in the official Daily on Thursday attributed the termination of the Huawei-AT&T deal to political pressure instead of business considerations and said this scuppers the kind of win-win deals has always sought.

"This is not the first time US politicians have stooped to mudslinging to prevent the entry of Chinese high-tech companies into the U.S. market on the pretext they pose national security threats," said the Daily.

The editorial added that the US continually criticises for not opening its market wider and not providing a level playing field for foreign companies.

"Yet its blocking of deals involving Chinese companies in sectors where it has traditionally had an advantage shows its criticisms have more validity if directed at the US market," the editorial said.

First Published: Thu, January 11 2018. 12:21 IST