💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

China condemns 'unreasonable suppression' as U.S. expands economic blacklist

Published 07/11/2021, 01:43 AM
Updated 07/11/2021, 05:25 AM
© Reuters. FILE PHOTO: Chinese and U.S. flags flutter outside a company building in Shanghai, China April 14, 2021. REUTERS/Aly Song//File Photo

SHANGHAI (Reuters) -China said on Sunday it "resolutely opposes" the addition of 23 Chinese entities to a U.S. economic blacklist over issues including alleged human rights abuses and military ties.

The Ministry of Commerce said in a statement the inclusion of the Chinese entities was a "serious breach of international economic and trade rules" and an "unreasonable suppression" of Chinese companies.

Beijing "will take necessary measures to safeguard China's legitimate rights and interests," it said, citing a spokesperson.

The U.S. Department of Commerce said on Friday it had added 14 companies and other entities to its economic blacklist, saying they had been "implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass detention, and high technology surveillance against Uyghurs, Kazakhs, and other members of Muslim minority groups in the Xinjiang Uyghur Autonomous Region."

Beijing denies the alleged abuses.

Entities included on the economic blacklist are generally required to apply for licenses from the Commerce Department and face tough scrutiny when they seek permission to receive items from U.S. suppliers.

Washington also added five entities it said directly support China's military modernisation programmes related to lasers and battle management systems. It identified a further four entities for "exporting and attempting to export items" to entities already sanctioned by the U.S.

© Reuters. FILE PHOTO: Chinese and U.S. flags flutter outside a company building in Shanghai, China April 14, 2021. REUTERS/Aly Song//File Photo

Wuhan Raycus Fiber Laser Technologies Co, one of the added entities, said in an exchange filing on Sunday that its inclusion on the economic blacklist would not have a substantial impact on its research and production.

In 2019, the Commerce Department under then-president Donald Trump targeted 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd, over China's treatment of Muslim minorities.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.