China announces regulations for 'unreliable entity' list

China’s Ministry of Commerce has issued regulations for its unreliable entity list, aimed at foreign companies it says endanger its national sovereignty, security or development interests

China’s Ministry of Commerce on Saturday issued regulations for its “unreliable entity” list, aimed at foreign companies it says endanger its national sovereignty, security or development interests.

Companies that end up on the list could be banned from importing or exporting from China, and may be barred from investing in the country.

Other measures include imposing fines, entry restrictions on employees into China and revoking their work or residence permits.

The announcement of the new regulations comes after the U.S. said it would ban Chinese-owned TikTok and WeChat from U.S. app stores on Sunday, and bar such apps from assessing essential internet services in the U.S. based on national security and data privacy concerns.

China's Ministry of Commerce condemned the ban, and urged the U.S. to stop what it called bullying behavior and wrongdoing.

In a statement, the ministry said China would “take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies.”