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In the written statement made by the Ministry of Commerce, details about the list of “untrustworthy companies and persons” were shared.
According to the statement, individuals and organizations that endanger China’s national sovereignty, security or development interests will be blacklisted and sanctions imposed. The people and companies included in the list will be prohibited from importing or exporting to this country. They can also be prevented from investing in the country.
Preventive measures against those on the “untrustworthy companies and individuals” list include fines, entry restrictions into China, and cancellation of work or residence permits.
In the statement that the United States is called to put an end to its practices classified as “intimidation and misconduct”, it was emphasized that the necessary measures will be taken to protect the rights and legitimate interests of Chinese companies in a determined way.
No information was provided on which companies and individuals will be included on the list. The announcement of the new regulations followed the announcement that social media apps TikTok and WeChat owned by Chinese companies will not be able to be downloaded in the country from September 20 for “protecting national security.”
In June 2019, China shared the information that a list of people and companies that harmed its interests would be created and sanctions imposed after the United States sanctioned and blacklisted the Chinese telecommunications equipment supplier Huawei.
US President Donald Trump announced on August 3 that he would ban the China-based social media platform TikTok if its US arm is not sold to any US companies.
On August 6, Trump signed 2 decrees to prohibit US individuals or organizations from doing business with the social media apps of Chinese companies TikTok and WeChat.
