China’s commerce ministry issues rules on ‘unreliable entities’ list

0
30

© Reuters.

(Reuters) – ’s commerce ministry on Saturday issued rules on its proposed list of “unreliable entities,” part of an intensifying rift with the United States, saying it will target foreign firms and individuals endangering China’s sovereignty and security.

After ’s administration imposed additional on Chinese goods and curbs on Technologies Co last year, China vowed to draw up a list aimed at punishing foreign firms deemed harmful to Chinese interests.

It has yet to publish the list.

Article continues below Advertisement...

The United States said on Friday it will ban WeChat and video-sharing app TikTok from U.S. stores starting on Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security .

China’s list will target foreign firms and individuals violating normal market transactions in China, interrupting deals with Chinese firms or taking discriminatory measures against Chinese firms, the ministry said.

In May, state-run tabloid Global Times reported the measures would target such U.S. companies as (O:AAPL), Cisco Systems Inc (O:CSCO), Qualcomm Inc (O:QCOM), while suspending purchases of Boeing Co (N:BA) airplanes.

The ministry said the list will help “safeguard national sovereignty, security and development interests, maintain a fair and free international and trade order, and protect the legitimate rights and interests of Chinese enterprises, other organizations or individuals.”

Authorities will set up a working mechanism and an office to help implement work related to the list, it added.

China will prohibit foreign firms listed as unreliable entities from engaging in import, export and investment in China, the ministry said.

Foreign firms could be removed from the list if they correct their behaviours and takes steps to eliminate the consequences of their actions, it said.

 

Source: Investing.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here