Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

China criticizes U.S. for putting Chinese firms on trade blacklist

Stock MarketsNov 25, 2021 03:50AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Chinese and U.S. flags flutter outside a company building in Shanghai, China November 16, 2021. REUTERS/Aly Song

By Chris Sanders

WASHINGTON (Reuters) -China on Thursday criticized the United States for putting a dozen Chinese companies on its trade blacklist over national security and foreign policy concerns, citing in some cases their help developing the Chinese military's quantum computing efforts.

The Chinese additions to the blacklist maintained by the U.S. commerce department comes amid growing tensions https://www.reuters.com/world/asia-pacific/biden-administration-invites-taiwan-its-summit-democracy-2021-11-24 between Beijing and Washington over the status of Taiwan and trade issues.

The department also said several entities and individuals from China and Pakistan were added to the Commerce Department's Entity List for contributing to Pakistan's nuclear activities or ballistic missile program.

In total, 27 new entities were added to the list from China, Japan, Pakistan, and Singapore.

China strongly opposes the sanctions on the Chinese companies, and will lodge solemn representations with the United States, Shu Jueting, a spokesperson for the Chinese commerce ministry, said at a news conference on Thursday.

Commerce Secretary Gina Raimondo said in a statement on Wednesday that the new listings will help prevent U.S. technology from supporting the development of Chinese and Russian "military advancement and activities of non-proliferation concern like Pakistan's unsafeguarded nuclear activities or ballistic missile program."

China's embassy in Washington charged that the United States "uses the catch-all concept of national security and abuses state power to suppress and restrict Chinese enterprises in all possible means.

"China is firmly opposed to that," embassy spokesperson Liu Pengyu said.

He said the United States should "follow the spirit" of a virtual meeting between U.S. President Joe Biden and Chinese leader Xi Jinping https://www.reuters.com/world/biden-raised-concerns-over-xinjiang-tibet-hong-kong-xi-warns-taiwan-red-line-2021-11-16 last week and "meet China halfway instead of going further down the wrong path."

China will take all the necessary steps to defend its companies, and reserves the right to take countermeasures against the sanctions, warned Zhao Lijian, spokesman at the Chinese foreign ministry, at a briefing on Thursday.

The U.S. Commerce Department said Hangzhou Zhongke Microelectronics Co Ltd, Hunan Goke Microelectronics, New H3C Semiconductor Technologies Co Ltd, Xi'an Aerospace Huaxun Technology and Yunchip Microelectronics were placed on the Commerce Department's entity list for their "support of the military modernization of the People's Liberation Army."

It also added Hefei National Laboratory (NYSE:LH) for Physical Sciences at Microscale, QuantumCTek and Shanghai QuantumCTeck Co Ltd to the list for "acquiring and attempting to acquire U.S.-origin items in support of military applications".

The eight Chinese firms were listed to prevent U.S. technology being used to help China develop quantum computing applications for its military.

The Commerce Department wants to stop the Chinese military from developing its counter-stealth technology, which could include equipment like advanced radars, and counter-submarine applications such as undersea sensors. The action also blocks U.S. material from being used to help China break encryption or develop unbreakable encryption, the Commerce Department said.

Suppliers to companies on the entity list will need to apply for a license before they can sell to them, which is likely to be denied.

Separately, the Moscow Institute of Physics and Technology was added to the Commerce Department's military end user list, but the listing did not provide additional information other than it had produced military products.

The entity list has increasingly been used for national security and foreign policy aims since the Trump administration. Chinese telecom company Huawei was added in 2019, cutting it off from some key suppliers and making it difficult for them to produce mobile handsets.

China criticizes U.S. for putting Chinese firms on trade blacklist
 

Related Articles

France stocks higher at close of trade; CAC 40 up 2.39%
France stocks higher at close of trade; CAC 40 up 2.39% By Investing.com - Dec 01, 2021

Investing.com – France stocks were higher after the close on Wednesday, as gains in the Foods & Drugs, Gas & Water and General Financial sectors led shares higher. At the close in...

Unions ready to call strike at Telecom Italia
Unions ready to call strike at Telecom Italia By Reuters - Dec 01, 2021

MILAN (Reuters) - Italy's telecommunications unions are preparing to call a strike at Telecom Italia (MI:TLIT) (TIM) amid uncertainty over the future of the group caught between...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (7)
Roger Miller
Roger Miller Nov 25, 2021 9:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Starting to notice that the only policies coming from the Biden administration that do not end in disaster are policies that closely mirror President Trump’s policies.
Jack Nicholson
Jack Nicholson Nov 25, 2021 8:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lets go China! FYC!
Fong SH
Fong SH Nov 25, 2021 1:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US Govenment puts China's companies in blacklist for national security and foreign policy concerns, but no country in the world puts companies in US for same reasons.  Boeing install & support US military aircrafts, Lockheed Martin produced high quality weaponary & defense systems for US military, General Dynamics produced & provided warfare  devices to US military services for years too. Just to mention a few here. They are all well respected companies in the world. Countries should be proud that home-owned companies have innovative technology & should also respect other countries' talents too, & not see it as a hostility. It would be good if countries can learn from each other technology innovations but in this case, it would be sensitive and difficult to share as in defense technologies. One should respect as it's human intelligence that produced all these innovations, & not see it as a hostility. Who knows, one day, they might cross roads with each other for ideas. Thank you.
Jokers R Us
Jokers R Us Nov 25, 2021 1:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nobody cares chang communism must die
Bubba Born
Bubba Born Nov 25, 2021 1:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Innovation and commerce is fine. Theft and corporate espionage has no place in international trading. And the Chinese have become very astute at just that! Personally I think the US should deport every Chinese that is neither a Green card holder or holds dual citizenship! And the sooner the better!
Fong SH
Fong SH Nov 24, 2021 10:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So to say, the world musn't have any technologies, weapons or war-machines that is greater and smarter than USA? What a joke! Understand the US consumers' market is big, but that doesn't mean everyone have to do business with US. For many years, I think the Asian countries lost more than profiting from US, Asia should start thinking hard. The USD has weaken much over a period of 10 years or so, time to start considering for a 2nd currency for reserves, or maybe gold instead.
Oldfashioned Owl
Oldfashioned Owl Nov 24, 2021 11:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Telltale signs that Americans losing their edge.
Fong SH
Fong SH Nov 24, 2021 11:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I wouldn't say 'losing their edge' - over the last 20 years or so, US have been over dependable on cheap labour productions from 2nd & 3rd world countries, thus, making America local citizens loosing their touch. These so called technologies & 'know how' transfer to produce cheap overseas, is seeing a backfire to US now, thus making US worrisome about 'copy & piracy'. Well, it works both ways, cheap labour = risks, homegrown labour = high cost. You can't have both, that is why over a period of 20++ years the USD lost ground of holding her strength, even as the world is holding USD as reserves. Just my thoughts. Cheers
Oldfashioned Owl
Oldfashioned Owl Nov 24, 2021 11:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fong SH I see your point. Add to that cheap tech & hardware has also resulted in the shift of power.
Fong SH
Fong SH Nov 24, 2021 11:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Oldfashioned Owl  Agree. have a pleasant day, please stay safe when outdoors, wear a mask.
Parvez Ansari
Parvez Ansari Nov 24, 2021 11:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
usa is not able to compete with china so they are putting trade embargo on chinese company .
David David
David9 Nov 24, 2021 9:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Braaahahhaa... on one hand we want to restrict and contain, on the other hand we want China to buy... that is not how trade works... our leaders failed on Econ 101...
Oldfashioned Owl
Oldfashioned Owl Nov 24, 2021 9:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Its jealousy & hurt getting intense.
Jokers R Us
Jokers R Us Nov 24, 2021 9:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
we need to abolish unions and bring back manufacturing...China would implode.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email