Thursday, December 2, 2021

China Says U.S. Tech Blacklist Moves Violate Xi-Biden Consensus - Bloomberg

Last updated Thursday, November 25, 2021 03:57 ET , Source: TopWireNews

China has slammed the U.S. decision to add dozens of its companies to a trade blacklist, saying the move violated an understanding between leaders of the world’s two largest economies.
“The U.S. Commerce Ministry publishing a new sanction list is not in line with the consensus agreed on by Chinese and U.S. leaders,” Chinese Commerce Ministry spokeswoman Shu Jueteng said at a regular press briefing in Beijing on Thursday.
“It is harmful to both countries, the global supply chain’s security and the global economic recovery,” she added.
The U.S. Commerce Department added about a dozen Chinese firms to the Entity List on Wednesday for engaging in activities contrary to national security or foreign policy interest. Suppliers will not be able to deal with companies on the list unless they’ve received a special license to do so.
President Joe Biden and Chinese leader Xi Jinping last week participated in their first face-to-face meeting, with both sides stressing the need for more talks between their governments. While they didn’t release a joint statement, the summit appeared to help stabilize a relationship marred by tensions over Taiwan, Xinjiang and punitive actions against companies like those announced on Wednesday.
Three affiliates of Corad Technology Limited, a Chinese entity added to the Entity List in 2019, were included over sales of Western technology to North Korean front companies and subordinates of Chinese government and defense industry organizations, the U.S....

Read Full Story: https://www.bloomberg.com/news/articles/2021-11-25/china-says-u-s-tech-blacklist-moves-violate-xi-biden-consensus

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