China's commerce ministry issues rules on 'unreliable entities' list
Reuters
Published Sep 18, 2020 10:52PM ET
Updated Sep 19, 2020 01:20AM ET
BEIJING (Reuters) - China'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 President Donald Trump's administration imposed additional tariffs on Chinese goods and curbs on Huawei 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.
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 threat.
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 Apple Inc (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 economic 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.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.