The Chinese Ministry of Commerce announced on Tuesday that it has added two U.S. companies, PVH Corp. and Illumina, Inc., to its unreliable entity list. This decision marks a significant development in Sino-American trade relations.
According to the ministry, both firms have violated standard market trading principles by terminating regular trade with Chinese companies and implementing discriminatory measures against them. These actions are said to have severely harmed the legitimate rights and interests of Chinese entities.
The official statement emphasized that the move is intended to safeguard national sovereignty, security, and development interests, aligning with relevant laws and regulations. The unreliable entity list mechanism will enforce corresponding measures against PVH Corp. and Illumina, Inc. as per Chinese legal standards.
In response to media inquiries, a spokesperson from the Chinese Ministry of Commerce reaffirmed that the unreliable entity list targets only a select few foreign entities that disrupt market regulations and contravene Chinese laws. The spokesperson assured that foreign companies operating with integrity and in compliance with the law need not be concerned.
The ministry concluded by welcoming enterprises worldwide to invest and conduct business within the Chinese mainland. It reiterated China's commitment to maintaining a stable, fair, and predictable business environment for foreign companies that adhere to local laws and regulations.
Reference(s):
cgtn.com
