China says list of 'unreliable' foreign firms coming soon

China's Commerce Ministry says it will release a list of "unreliable" foreign companies in the near future. The Chinese commerce ministry spokesman did not give a specific date Thursday during a weekly briefing. He said no particular company or industry is being targeted, and those that follow Chinese law don't need to worry.

But he told reporters the process of drawing up the list was underway. China said that would issue a list of foreign companies and individuals that it deems unreliable after the U.S. blacklisted Huawei Technologies for alleged theft of intellectual property and evasion of Iran sanctions.

U.S. companies will have to seek approval for sales to Huawei once the list takes effect. China hasn't said what action it might take against the entities included on its list.