China's Ministry of Commerce has decided to ban the U.S. firm, Illumina, Inc. from exporting gene sequencers to China, a ministry spokesperson announced on Tuesday.
The spokesperson made the statement in response to a question about the ministry's decision on February 4 to add Illumina, Inc. to China's unreliable entity list.
According to the spokesperson, Illumina violated normal market trading principles, terminated regular trade with Chinese companies, and adopted discriminatory measures against Chinese companies, thus severely harming their legitimate rights and interests.
In light of the company's illegal actions and other relevant factors, the unreliable entity list mechanism has, in accordance with the law, decided to prohibit the company from exporting gene sequencers to China, the spokesperson said.
The spokesperson emphasized that China has always handled issues related to the unreliable entity list with prudence, taking action only in accordance with the law against a very small number of foreign entities that endanger its national security.
The Chinese government, as always, welcomes foreign companies to invest and do business in China, and is committed to providing a stable, fair and predictable environment for business operations of law-abiding foreign-invested enterprises in China, noted the spokesperson.
US firm Illumina banned from exporting gene sequencers to China: spokesperson
US firm Illumina banned from exporting gene sequencers to China: spokesperson
China will strengthen fiscal and financial coordination to amplify policy effectiveness, experts said as the draft central and local budgets for 2026 were unveiled on Friday at the ongoing fourth session of the 14th National People's Congress.
According to the draft central and local budgets for 2026, 1.3 trillion yuan (190 billion U.S. dollars) of ultra-long special treasury bonds will be issued to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.
Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas, and 250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.
The country will refine these programs in terms of their scope and subsidy standards, and continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products.
China will also set up a 100-billion-yuan fiscal-financial coordination fund to boost domestic demand. The fund will support consumption and private investment through loan interest subsidies, financing guarantee, and risk compensation.
"Fiscal and monetary policies are the two major macroeconomic tools for macro-control, and their coordination is crucial. For instance, fiscal funds primarily serve as a guiding role, while financial institutions provide the capital. When fiscal guidance and financial resources are combined, the synergistic effect creates a result greater than the sum of its parts," said Yang Zhiyong, director of the Chinese Academy of Fiscal Sciences.
"By leveraging interest subsidies, we can mobilize substantial credit from financial institutions, thereby naturally stimulating consumption. The Ministry of Finance, in collaboration with the People's Bank of China, has introduced highly innovative measures, such as providing guarantees for the issuance of corporate bonds by small and medium-sized enterprises (SMEs), and compensating investors for losses. I believe the leveraging effect, making minimal efforts for maximum results, will become even more potent," said Yao Dongmin, director of the Center for China Fiscal Development under the Central University of Finance and Economics.
China's top legislature opened its annual session on Thursday morning at the Great Hall of the People in Beijing, with Chinese President Xi Jinping and other Party and state leaders attending the opening meeting alongside more than 2,700 NPC deputies. This year's NPC session is scheduled to run till March 12.
China to strengthen fiscal, financial coordination to amplify policy effectiveness: experts
