China has announced the addition of two prominent U.S. companies, PVH Corp. and Illumina Inc., to its unreliable entity list, as confirmed by the Chinese Ministry of Commerce on Tuesday. This move marks a significant development in the ongoing trade relations between the world's two largest economies.
According to a statement released by the Ministry, the two entities have \"violated normal market trading principles, terminated regular trade with Chinese companies, and adopted discriminatory measures against Chinese companies, thus severely harming their legitimate rights and interests.\"
The decision to include these firms on the unreliable entity list is aimed at \"maintaining national sovereignty, security, and development interests in accordance with relevant laws and regulations,\" the statement added.
The unreliable entity list mechanism empowers China to take appropriate measures against foreign entities that are deemed to endanger its national interests. The specifics of the measures to be taken against PVH Corp. and Illumina Inc. were not detailed but are expected to align with relevant laws and regulations.
In a follow-up statement, a spokesperson for the Chinese Ministry of Commerce emphasized that China approaches matters related to the unreliable entity list with prudence. The list, the spokesperson noted, targets only \"a few foreign entities that disrupt market rules and violate Chinese laws.\"
\"Foreign entities operating with integrity and in compliance with the law have no reason for concern,\" the spokesperson reassured. \"The Chinese government, as always, welcomes enterprises from around the world to invest and conduct business in China. It remains committed to providing a stable, fair, and predictable business environment for foreign companies that adhere to laws and regulations.\"
This development signals China's firm stance on protecting its economic interests and could have implications for international businesses operating within its borders. Analysts and business professionals are closely monitoring the situation to assess its impact on global trade dynamics and investment strategies in the region.
Reference(s):
cgtn.com
