China reveals punishment for firms on unreliable entity list1 min read . Updated: 19 Sep 2020, 12:12 PM IST
The new policies for punishing those on the list took effect Saturday, and include bans on investment, restrictions of work and residence permits, and in some cases fines
China will impose penalties including restricting trade, investment and visas to any company, country, group or person that appears on its “unreliable entity list," according to guidelines published on Saturday.
The list will contain names of entities that pose a threat or potential threat to China’s sovereignty, national security, development and business interests; and those that discriminate against or harm Chinese businesses, organizations or individuals, the Ministry of Commerce said on its website on Saturday.
The new policies for punishing those on the list took effect Saturday, and include bans on investment, restrictions of work and residence permits, and in some cases fines.
China first announced it was drawing up the list in mid-2019 at the height of the trade war with the U.S. Saturday’s announcement come as Chinese apps Tiktok and WeChat face a looming ban in the U.S., making them unavailable for download and prohibiting transactions within the U.S.
In a separate statement Saturday, China’s Ministry of Commerce condemned the move against WeChat and TikTok, saying that it would take “necessary measures" to protect the legal interests of Chinese firms, without elaborating.