China says proposed U.S. ban on Chinese buying U.S. property violates market rules

The United States is violating the principles of market economy and international trade rules in considering a ban on Chinese citizens buying property in the United States, the Chinese foreign ministry said on Friday.

“Generalizing the concept of national security and politicising economic, trade and investment issues violate the rules of market economy and international trade rules,” spokesperson Mao Ning said at a regular press briefing.

Mao was responding to a question when asked about Texas and Florida considering a ban on Chinese citizens in the United States from buying property.

Texas, Florida, Arkansas and several other states are weighing legislation that would bar Chinese citizens from buying real estate, according to several reports, as tensions rise between the United States and China over national security issues.

“I want to stress that China-U.S. economic and trade cooperation is mutually beneficial in nature. Over the years, Chinese enterprises have invested in the United States and made important contributions to promoting domestic employment and economic development in the United States,” said Mao.

The move comes as the United States proposes increased retaliatory measures after a Chinese spy balloon was shot down after entering U.S. airspace.

Courtesy Reuters.