Beijing has called on the European Union to “immediately cease its wrong practice” of sanctioning two Chinese banks, vowing to take action to defend the interests of Chinese companies just days ahead of a key leaders’ summit between the two sides.
“China expresses strong dissatisfaction and resolute opposition to this move,” China’s Ministry of Commerce (Mofcom) said in a statement on Monday.
“China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies and financial institutions.”
This came as both sides prepared for a high-stakes summit in Beijing on Thursday, where European Commission President Ursula von der Leyen and European Council President Antonio Costa are scheduled to meet Chinese President Xi Jinping and Premier Li Qiang, according to China’s Ministry of Foreign Affairs.
Beijing had lobbied intensively behind the scenes to get the banks removed from the package, according to sources familiar with the exchanges. During a meeting with the EU’s top diplomat, Kaja Kallas, earlier this month, Chinese Foreign Minister Wang Yi warned “three or four times” that there would be a response to the banks’ inclusion, the sources said.
