China warns of rising US protectionism after failed acquisition deal

KEY POINTS

• The U.S. government's rejection of the Ant Financial-Moneygram deal is a sign of increased protectionism, according to Beijing

Zhang Peng/LightRocket via Getty Images

China's commerce ministry said on Thursday protectionist sentiment is rising in the U.S. after Chinese company Ant Financial's plan to buy U.S. money transfer company MoneyGram International collapsed.

China is disappointed that the Ant Financial-Moneygram deal 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 U.S. government panel rejected it over national security concerns, the most high-profile Chinese deal to be torpedoed under the administration of President Donald Trump.