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APAC

China does not have a timetable for 'unreliable entities list'

NINGBO, China (Reuters) - China said it did not have a timetable or pre-set names of companies on its ‘unreliable entities list’ but if foreign firms violate Chinese laws or commit “illegal acts” they could be added to this list and face measures.

“If foreign entities do not commit illegal acts, there is no need to worry about this,” the commerce ministry said in a statement on Sunday.

China set up rules for the list and will prohibit foreign firms listed as unreliable entities from engaging in import, export and investment in the country.

Foreign companies which may be added to this list will depend on whether they violate Chinese laws, endanger China’s national sovereignty, security, and development interests, violate market principles and damage Chinese companies, other organisations and individuals.

On claims by media that this list is China’s countermeasure against recent U.S. actions against Chinese companies such as Huawei Technologies [HWT.UL], WeChat and TikTok, the ministry said the regulations were a regular legislative work process.

“The regulations neither target a specific country nor a specific entity.”

The ministry said the Chinese government is committed to creating a market-oriented, legalised, international business environment, and has adopted various powerful measures to protect the legitimate rights and interests of market players.

It added that cooperation was the only correct choice for China and the United States.

“It is hoped that the United States can meet China halfway, respect international law and international rules, and conduct dialogue and consultation on the basis of equality and mutual benefit.”

Reporting by Shivani Singh in Ningbo, Sophie Yu and Ryan Woo in Beijing; Editing by Jacqueline Wong

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