BEIJING, February 8 (TMTPOST)— The Biden administration seems expanding its restrictions against Chinese firms in key sectors as one of China’s biological giants became a latest target.
Source: Visual China
The U.S. Commerce Department’s Bureau of Industry and Security (BIS) announced to add 33 entities based in China to the Unverified List (UVL), including aerospace and electronics suppliers, listed companies such as WuXi Biologics (Cayman) Inc’s two subsidiaries in Shanghai and Wuxi. The addition will “assist U.S. exporters in conducting due diligence and assessing transaction risk, and signal to the PRC government the importance of their cooperation in scheduling end-use checks,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod.
Listing on the UVL does not mean that U.S. exporters cannot engage with listed parties or that there are specific, articulable national security or foreign policy concerns with those parties, but transactions with parties on the list require additional documentation, including a statement from authorized officials of listed parties, and such transactions are not eligible for authorization pursuant to Export Administration Regulations (EAR) license exceptions, according to a BIS statement on Monday.
Hong Kong-listed shares of WuXi Biologics were halted after sinking as much as over 25% on Tuesday, a record intraday plummet for the company since it listed in June, 2017, and settled nearly 23% lower, erasing about HK$71 billion (US$9.1 billion) off its market value.
WuXi Biologics, a contract development and manufacturing company (CDMO) that provides COVID-19 vaccines and other biologics globally, later that day clarified that it is in compliance with all the U.S. export control regulations and the reason for addition to the UVL is that U.S. government agencies have not been able to undertake required end-use verifications for certain equipment to be exported from U.S. suppliers due to the COVID-19 pandemic. “The ‘Unverified List’ is not the U.S. ‘Entity List’ or ‘Black List’ that is more well-known,” the company said. The move “has no impact on our business or ongoing services to global partners” and “there is very minimal impact to our imports as no such equipment is required after facility construction in Shanghai and Wuxi”, it added.
China firmly opposed Washington’s recent move regarding UVL in the name of so-called failure to verify legitimacy resulted from unsatisfactory end-use checks, since the United States has been using export restrictions as a tool of political crackdown and economic bullying these year, a spokesperson of China’s Ministry of Commerce commented. The U.S. actions against companies and individuals of other countries severely disrupted international rules of economy and trade as well as rules of the free trade, and posed serious risks on the global supply chain, so the U.S. side shall immediately correct wrongdoings and get back on the track of cooperation, the person insisted.
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