China: Gov criticizes US for blocking MoneyGram acquisition

China’s government has criticized the United States for using “so-called national security” as a reason to block China based Ant Financial’s acquisition of money transfer service MoneyGram.

A Commerce Ministry spokesman said Thursday, January 11, e-commerce tycoon Jack Ma’s proposed purchase was a “normal commercial investment.” The deal was called off last week after failing to win approval from a US government security panel.

The spokesman, Gao Feng, said, “we regret to note that normal commercial investment and mergers and acquisitions conducted by Chinese enterprises in the United States are once again hindered by so-called ‘national security’.”

Gao said Beijing has no objection to a “normal security review” but worries other governments use them as an excuse to set up barriers to unfairly stop unwanted activity.

“If the United States insists on unilateral and protectionist practices that will undermine the interests of China, we will take all necessary measures and resolutely safeguard the legitimate rights and interests of China,” Gao said at a regular briefing.

Full Content: The Washington Post

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