China’s Sinochem boss hits out at anti-globalisation forces after US puts state firm on watch list

Sinochem Group chairman Ning Gaoning says US sanctions put ‘political purposes ahead of economic ones’ and ‘are unfavourable to the whole world’

The company and 10 other Chinese firms were blacklisted by the Pentagon last week because they are ‘owned or controlled’ by the People’s Liberation Army

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Sinochem Group chairman Ning Gaoning says his faith in free trade has been rattled by US-China tensions. Photo: Xinhua

Published: 4:00pm, 3 Sep 2020Updated: 10:39pm, 3 Sep 2020

The chairman of one of China’s largest state-owned multinational conglomerates has said his belief in free trade has been shaken by the fast deteriorating US-China relationship, just days after the Trump administration placed his company on a blacklist that may lead to sanctions.

Ning Gaoning, one of the country’s best-known state enterprise executives, said China is now a lead advocate for free trade amid a rising current of anti-globalisation, a far cry from two decades ago when it was pressed to open its economy.

Ning is the chairman and Communist Party chief at Sinochem Group and ChemChina, two state-owned chemical giants that are in the process of merging.

Sinochem and 10 other Chinese firms were designated by the Pentagon last week as “owned or controlled” by the People’s Liberation Army.

Anti-globalisation and populism put political purposes ahead of the economy through means like sanctions … and the practice is very unfavorable to the whole world

Ning Gaoning

“Anti-globalisation and populism put political purposes ahead of the economy through means like sanctions … and the practice is very unfavorable to the whole world,” said Ning, without directly addressing the Pentagon designation.

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