Gao Feng: Dear friends from the press, good afternoon. Welcome to the MOFCOM special press conference. I have an announcement to make today.

In accordance with relevant laws and regulations, China will introduce an "Unreliable Entities List" regime. Foreign companies, organizations or individuals that violate market rules, break the contractual spirit, boycott or cut off supplies to Chinese companies for non-commercial reasons, and causing serious damages to the legitimate rights and interests of Chinese companies would be listed as "Unreliable Entities". Detailed measures will be released in the near future.

Since time is limited, I will take three questions. The floor is open.

CCTV: The Chinese government is introducing an "Unreliable Entities List" regime. What is the consideration behind the decision?

Gao Feng: Today, the world economic growth is overshadowed by growing factors of instability and uncertainty, unilateralism and trade protectionism are on the rise, the multilateral trading system is confronted with severe challenges and regular international economic and trade activities have been disrupted. Some foreign entities out of non-commercial purposes, violate normal market rules, break the spirits of contracts, boycott or cut off supplies to Chinese companies, take discriminatory measures against Chinese companies, causing damages to the legitimate rights and interests of Chinese companies and China’s national security. The security of global industry chain and supply chain are also threatened with negative impacts to the global economy, damaging the interests of related enterprises and consumers. To maintain the international economic and trade rules and multilateral trading system, fight against unilateralism, trade protectionism and safeguard China’s national security, social public benefits and legitimate rights and interests of companies, the Chinese government has decided to introduce the "Unreliable Entities List" regime. Thank you.

Xinhua News Agency: What is the institutional foundation for the "Unreliable Entities List" regime drafted by China?

Gao Feng: In accordance with the Foreign Trade Law, the Antimonopoly Law and the National Security Law of the People’s Republic of China, the Chinese government decides to introduce an "Unreliable Entities List" regime, under which foreign legal entities, organizations or individuals that boycott or cut off supplies to Chinese entities for non-commercial reasons, take discriminatory measures against Chinese companies, causing material damage to Chinese companies or the related industries and threat or potentially threat China’s national security would be listed as "Unreliable Entities". Thank you.

CNR: What measures would be taken against the listed organizations or individuals?

Gao Feng: For foreign legal entities, organizations or individuals that make the “unreliable entities list”, necessary measures would be taken. The specific rules will be released in the near future. Thank you.

Gao Feng: This concludes today’s press conference. Thank you.