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China to issue list of 'unreliable' foreign firms

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(6 Jun 2019) China's Commerce Ministry will release a list of "unreliable" foreign companies in the near future, a spokesperson said Thursday, without giving a specific date.The decision to make the list, announced last week, is widely seen as a response to a United States decision to put Huawei Technologies on a blacklist for alleged theft of intellectual property and evasion of Iran sanctions.Chinese Commerce Ministry spokesman Gao Feng told reporters at a weekly briefing that the process of drawing up the list was underway. He said no particular company or industry is being targeted.The US Department of Commerce has issued an order that US companies will have to seek government approval for sales to Huawei once its own list takes effect after a 90-day grace period.China hasn't said what action it would take against the entities included on its list.Gao said China does not want a trade war but is not afraid of one.The commerce ministry also issued a report Thursday saying that China and the US have both benefited from their trade, despite China's large trade surplus.There has been no recent sign of progress on resolving the standoff between Beijing and Washington over US demands that Beijing act to reduce the trade imbalance.Gao blamed US pressure tactics for the failure to resolve the dispute.Gao also briefed reporters about the trade agreements signed Wednesday between China and Russia that are worth much as $2 million, including cooperation on developing 5G technologies.Chinese President Xi Jinping is on a state visit to Russia as the two countries grow increasingly close while each contends with friction with the US.Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Google+: https://plus.google.com/b/10201102858... Tumblr: https://aparchives.tumblr.com/​​ Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/you...

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AP Archive 4214512 1e3dd935ed35497e160a1d72413f0ffd China Commerce Xi Jinping Russia Eastern Europe United States China Greater China East Asia Beijing Business Government and politics
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