China plans to establish a list of so-called "unreliable entities" of foreign companies and people that "seriously damage" the interests of domestic firms.
A spokesperson for the ministry of commerce said the list would consist of "foreign enterprises, organizations and individuals that do not comply with market rules, violate the spirit of contract, block or cut supplies to Chinese firms with non-commercial purposes, and seriously damage the legitimate rights and interests of Chinese enterprises."
While the gives out no specifics, it comes at the height of the ongoing trade war with the U.S. which escalated after President Donald Trump blacklisted Chinese telecom giant Huawei, halting its ability to purchase American chips.
The world’s two largest economies have been firing salvos and counter-attacks after the trade talks fell through earlier this month. In a recent move, China reportedly stopped purchases of U.S. soybeans and threatened to cut off rare earth supply to the U.S.
Both sides have slapped more tariffs on billions of dollars worth of each other’s goods in May. The tariffs on $60 billion in U.S. goods in retaliation for the higher duties on $200 billion worth of Chinese products will kick in June 1.
