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US Temporarily Suspends Penetration Rules for Export Control; CN Says It Is Willing to Promote Mutual Co-op Between Firms of Both Countries
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China has noted the Bureau of Industry and Security of US Department of Commerce's announcement to suspend the implementation of penetration rules for export control for one year, a spokesperson for China's Ministry of Commerce (MOC) said. During this period, enterprises listed on the US export control entity list and other sanction lists will not have their affiliated enterprises holding over 50% equity subject to additional equivalent export control sanctions under the penetration rule. This represents a significant step by the US in implementing the consensus reached during the China-US economic and trade consultations in Kuala Lumpur. China is willing to work with the US under the principles of mutual respect and equal consultation, to strengthen dialogue and communication, properly manage divergences and jointly create favorable conditions to promote mutual cooperation between enterprises of both countries, ensuring the safety and stability of global industrial and supply chains, the spokesperson added. AASTOCKS Financial News Website: www.aastocks.com |
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