根据中国商务部的官方说明，"不可靠实体清单"主要是指对不遵守市场规则、背离契约精神，出于非商业对中国企业实施封锁或断供，严重损害中国企业正当权益的外国企业、组织或个人的清单。从"不可靠实体清单"概念以及其法律依据，即《对外贸易法》《反垄断法》《国家安全法》可以看出，"不可靠实体清单"制度主要是一种针对外国实体的贸易类措施，其中也涉及与贸易有关的竞争政策。

According to the official statement of MOFCOM, UEL refers to a list of foreign enterprises, organizations and individuals that fail to comply with market principles, deviate from the spirit of contract and boycott or cut off supplies to Chinese companies for non-commercial purposes and cause serious damages to Chinese enterprises’ rights and interests. From the concept of UEL and its legal basis, namely, the Foreign Trade Law, the Anti-Monopoly Law and the National Security Law, it could be seen that the regime of UEL is mainly a trade-type measure targeted at foreign entities, which also involves certain trade-related competition policies.

中国"不可靠实体清单"制度首先是为了保证自身重要产业供应链的稳定性，这与其他国家通过"实体清单"限制关键技术和产品出口的目的有所不同。其他国家的"实体清单"制度的主要措施是出口管制，中国"不可靠实体清单"制度的主要措施可能有所不同，对清单内企业不排除有其他一些限制或处罚措施。我们理解，被列入"不可靠实体清单"上的企业，可能主要是通过贸易渠道供应中国市场的企业，也可能包括物流企业，其主要针对的是企业的贸易行为而非投资行为。

Principally, China’s regime of UEL is to ensure the stability of its important industry supply chain, which is different from the "entity list" of other countries which is mainly a measure of export control with the aim to limit the export of key technologies or goods. The main measures of China’s UEL may include some other restrictions or penalties for enterprises in the list. We understand that companies listed on UEL may mainly be enterprises that supply the Chinese market through trade channels and may also include logistics enterprises. Generally, the main target of UEL is the trade behavior of enterprises rather than their investment behavior.

当前全球化受到多方打击，中美关系日益紧张。尤其是近年来，美国"实体清单"的标准变得日益复杂和模糊，对包括华为公司在内的中国高科技企业的制裁和断供意味着美国实体清单已经演变成为其破坏全球价值链稳定性从而进行非商业行为以及恶性竞争的工具。而中国在此之前缺乏针对企业在国际贸易中非正常、非市场化封锁或断供行为的措施。一方面，《反垄断法》的规定比较原则性，而且对"正当理由"等概念缺乏明确规定；另一方面，中国《出口管制法》尚在制定中，且难以涵盖应对封锁与断供行为的措施。在此背景下，中国政府参考国际通行做法，决定建立"不可靠实体清单"，目的是维护中国国家安全、社会公共利益以及中国企业合法权益，保护正常的国际贸易投资商业秩序。"不可靠实体清单"制度的建立不仅是为完善中国对外贸易法律制度、维护中国对外贸易关系，也是应对国际经贸环境变化、保护正常国际贸易投资商业秩序的必要举措。

At present, the globalization has been threatened and buffeted in many ways, and Sino-US relations have become increasingly tense. Especially in recent years, the standards of US "Entity List" have become increasingly complex and ambiguous and the sanctions and foreclosure of Chinese high-tech companies, e.g. Huawei, signifies the evolution of the US "Entity List" into a tool for non-commercial behavior and vicious competition, which poses a serious threat to the stability of global value chain. Prior to UEL, China lacked specific measures against these abnormal, non-market-based boycotting or cutting off supplies in international trade. On one hand, the provisions of the Anti-Monopoly Law are more in principle, and there is no clear definition of concepts such as "justifiable reason"; on the other hand, the China Export Control Law is still under development and it is difficult to cover the response measures to the boycott or cutting off supplies. In this context, the Chinese government decided to establish the UEL regime by referring to international practices, with the aim of safeguarding China’s national security, social public interests, and the rights and interests of Chinese enterprises, as well as protecting the normal business order of international trade and investment. The establishment of the UEL regime is not only a measure to improve China’s foreign trade legal system and maintain China’s foreign trade relations, but also a necessary measure to cope with the current international economic and trade environment changes and protect the normal business order of international trade and investment.

中国商务部有关负责人表示，中国政府在决定是否将某个实体列入"不可靠实体清单"时，会综合考虑以下四方面因素：一是该实体是否存在针对中国实体实施封锁、断供或其他歧视性措施的行为；二是该实体行为是否基于非商业目的，违背市场规则和契约精神；三是该实体行为是否对中国企业或相关产业造成实质损害；四是该实体行为是否对国家安全构成威胁或潜在威胁。

According to the MOFCOM officials, the government would consider the totality of the circumstances in black-listing a foreign business, including (i) the specific "discriminatory measures" taken by the foreign business against Chinese companies, such as boycotting or cutting off supplies to Chinese companies, (ii) whether these measures are taken for non-commercial purposes and against the market rules and contractual obligations, (iii) the material damage caused to the Chinese companies and the related industries, and (iv) the potential threat to China’s national security.

上述考量因素从相关实体行为的表现、性质、后果等方面就"不可靠实体清单"的界定设定了明确的范围，即首先相关实体对中国实体采取了"封锁、断供或其他歧视性措施"。其次，上述封锁、断供或其他歧视性措施是基于非商业目的，违背市场规则和契约精神而实施的，是一种非正常、非市场化的行为。最后，对认定是否将某实体列入清单，还需关注该类实体的有关行为所产生的实际危害后果，既包括针对企业本身，也包括针对相关产业，同时还有对国家安全的威胁程度。对企业及相关产业损害的程度要求是"实质损害"，对国家安全则仅构成"威胁"或"潜在威胁"即可。

It set a clear scope for the definition of UEL in terms of the performance, nature, and consequences of related entities’ behaviors. First, the relevant entities have adopted discriminatory measures such boycotting or cutting off supplies towards Chinese enterprises. Secondly, the discriminatory measures are based on non-commercial purposes, contrary to market principles and the spirit of the contract. Finally, in determining whether to list an entity into UEL, it is also necessary to consider the actual harmful consequences of the relevant behavior of the entity, to both the enterprise itself and the relevant industry, as well as the degree of threat to China national security. It shall be noted that the requirement for degree of damage to enterprises and related industries is "material", while to national security issue, it only needs to constitute "a threat" or "potential threat".

上述考量因素，目前尚无具体的实施细则，且会否发布该类实施细则亦不明朗。我们理解，上述因素的设定给予了有关主管部门一定的裁量空间，就不同实体的不同行为进行个案的调查、分析和判断。从程序方面，有关部门可能会依法展开调查，根据调查结果将给中国企业造成损害的断供者加入清单。此外，根据相关标准，清单内企业也会进行动态调整。据了解，目前，商务部正在履行相关程序，"不可靠实体清单"制度文件以及首批名单将于近期出台。

Currently, there are no specific implementation regulations yet and it is unclear whether or when such regulations will be issued. We understand that the above circumstances have given the relevant authorities some discretion. The investigations, analysis, and judgments shall be case by case, based on different behaviors of different entities. Procedurally, the relevant departments may conduct investigations in accordance with the law and list those suppliers who have caused damage to Chinese enterprises to the UEL. In addition, entities in the UEL will also be dynamically adjusted. It is learned that subject to relevant regulatory procedure, the official document of UEL and the initial list will be released by MOFCOM soon.

对被列入清单的实体会采取怎样的措施，中国商务部负责人表示，中方将依据《对外贸易法》、《反垄断法》、《国家安全法》等有关法律法规和行政规章，对列入清单的实体采取任何必要的法律和行政措施。

As stated by the official of MOFCOM, China will take any necessary legal and administrative measures to the entities listed in UEL, in accordance with Foreign Trade Law, the Anti-Monopoly Law, the National Security Law and other relevant laws, regulations and administrative regulations.

然而，对被列入"不可靠实体清单"中的企业具体采用何种法律及行政措施仍不明朗。从《对外贸易法》《反垄断法》《国家安全法》的不同规定，结合前述对列入清单的四种考量因素，我们理解具体措施仍需结合相关实体的具体行为，根据不同的个案采取不同的措施。

However, it is still unclear what legal and administrative measures are specifically adopted to entities listed in UEL. Considering the different provisions of the Foreign Trade Law, the Anti-Monopoly Law and the National Security Law, and the above four circumstances, we assume that the specific measures still need to be combined with the specific behavior of the relevant entities, case by case.

目前关于"不可靠实体清单"制度的具体实施还没有进一步的细化规定。商务部条约法律司司长王贺军在答记者问时明确表示，将企业列入"不可靠实体清单"会有一个调查程序，相关利益关系方将拥有相关的申辩权。根据相关标准，清单内企业也会进行相应调整。

There are no further refinements on the specific implementation of the UEL regime. However, it was clearly stated by the official of MOFCOM that there will be an investigation procedure for listing enterprises into UEL, and the relevant stakeholders will have relevant right of defense. According to the relevant standards, the entities in the list will also adjust accordingly.

据此，我们理解，在某实体被列入清单之前以及列入清单之后，相关部门都会有一定的调查程序，允许相关企业进行申诉或做出其他相应承诺，从而避免被纳入清单，或者在列入清单之后在满足一定条件的情况下再从清单上移除。该清单的纳入与移除将会是一个动态的过程，清单亦会不定期的更新。

We assume that before or after an entity is listed, the relevant departments will have certain investigation procedures to allow the relevant companies to appeal or make other corresponding commitments to avoid being included in the UEL. After being listed, decision of removal from UEL could also be made if certain conditions are met. The inclusion and removal of the UEL will be a dynamic process and the list will be updated from time to time.

随着中国"不可靠实体清单"制度的建立，我们希望无论是企业、个人还是其他实体密切关注该清单制度的具体实施，有效防范风险，确保企业生产、经营、贸易等行为合法合规。

With the establishment of China’s UEL regime, we recommend all relevant enterprises, individuals or other entities to pay close attention to the specific implementation regulations to be released, in order to effectively prevent risks and ensure the legal compliance of relevant production, operation and trade.