China Adds 2 United States Firms to Unreliable Entities List – Lockheed Martin & Raytheon Missiles & Defense, Banned from Imports & Exports and New Investments in China with Senior Executives Work Permits & Residence Passes Revoked for Selling Arms to Taiwan
18th February 2023 | Hong Kong
China has added 2 United States firms to China unreliable entities list – Lockheed Martin and Raytheon Missiles & Defense, banning the 2 firms from imports & exports and making new investments in China with senior executives work permits & residence passes revoked for selling arms to Taiwan. The 2 firms Lockheed Martin and Raytheon Missiles & Defense will also face fines from China authorities. In the announcement by China, the measures are to safeguard China’s national sovereignty. In 2020, China had introduced the Unreliable Entity List to safeguard China national sovereignty, security and development interests (in accordance with China foreign trade law and national security law).
“ China Adds 2 United States Firms to Unreliable Entities List – Lockheed Martin & Raytheon Missiles & Defense, Banned from Imports & Exports and New Investments in China with Senior Executives Work Permits & Residence Passes Revoked for Selling Arms to Taiwan “
About Lockheed Martin – Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 116,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
About Raytheon Technologies – Raytheon Technologies is the world’s largest aerospace and defense company. Our global team of 180,000 employees pushes the limits of known science and redefines how we connect and protect our world. We are advancing aviation, building smarter defense systems and creating innovations to take us deeper into space. The company, with 2022 sales of $67 billion, is headquartered in Arlington, Virginia.
China Unreliable Entities List, Introduced in 2020
In 2020, China had introduced the Unreliable Entity List to safeguard China national sovereignty, security and development interests (in accordance with China foreign trade law and national security law).
On September 19, 2020, upon approval of the State Council, China’s Ministry of Commerce (MOFCOM) released the Provisions on the Unreliable Entity List (English translation prepared by MOFCOM). The Provisions establish the framework of an “unreliable entity list” (UEL) regime, under which punitive measures may be imposed on designated foreign entities, including companies, other organizations, or individuals, for conduct that is contrary to China’s national interests. MOFCOM first announced on May 31, 2019, that China would introduce the UEL regime. In the 2019 announcement, MOFCOM referred to the Foreign Trade Law, National Security Law, and Anti-trust Law as the basis of the regime. The final Provisions provide that the Provisions were formulated in accordance with the Foreign Trade Law, National Security Law, and “other relevant laws,” without mentioning the Anti-trust Law. (Art. 1.)
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