NINGBO (China) • China has said it does not have a timetable or pre-set names of companies on its "unreliable entities list", but if foreign firms violate Chinese laws or commit "illegal acts", they could be added to this list and face measures.

"If foreign entities do not commit illegal acts, there is no need to worry about this," the Commerce Ministry said in a statement yesterday.

China set up rules for the list and will prohibit foreign firms listed as unreliable entities from engaging in import, export and investment in the country.

Factors for foreign companies being added to this list include whether they violate Chinese laws, endanger China's national sovereignty, security and development interests, violate market principles, or damage Chinese companies, other organisations or individuals.

On claims by the media that this list is China's countermeasure against recent US actions against Chinese companies such as Huawei Technologies, WeChat and TikTok, the ministry said the regulations are a regular legislative work process.

"The regulations neither target a specific country nor a specific entity," it said.

The ministry said the Chinese government is committed to creating a market-oriented, legalised, international business environment, and has adopted various powerful measures to protect the legitimate rights and interests of market players.

It added that cooperation is the only correct choice for China and the United States.

"It is hoped that the United States can meet China halfway, respect international law and international rules, and conduct dialogue and consultation on the basis of equality and mutual benefit."

REUTERS