China rushes into law to counter US and European sanctions

0
6
Global Banking Regulators Call For Stricter Cryptocurrency Rules


China passed a law to counter foreign sanctions in response to US and EU pressure on trade, technology, Hong Kong and Xinjiang.

Persons or entities involved in developing or implementing discriminatory measures against Chinese citizens or entities could be placed on an anti-sanctions list and be refused entry into China or be deported from China. country. Their assets in China could be seized or frozen and they could be prohibited from doing business there.

China’s top legislature, the Standing Committee of the National People’s Congress (NPC), passed the law on Thursday, according to state television CCTV.

The committee’s 14 vice-chairs are facing US sanctions for passing Hong Kong’s national security law last year, which critics say crippled political freedoms.

The United States and its allies have increasingly sanctioned Chinese officials for China’s treatment of its Uyghur Muslim minority in Xinjiang and its pro-democracy activities in Hong Kong, triggering counter-sanctions by from China. Washington has also targeted Chinese companies such as Huawei and ZTE for violating US sanctions against Iran or North Korea.

The bill received a secret first reading in April and passed on Thursday, just two days after the AFN announced it was giving the bill a second reading. He skipped a third reading normally necessary for other bills.

The European Union Chamber of Commerce said its members were alarmed at the lack of transparency regarding the passage of the bill.

“China seems in a hurry. Such action is not conducive to attracting foreign investment or reassuring companies that increasingly believe that they will be used as sacrificial pawns in a political chess game, ”said Joerg Wuttke, chairman of the bedroom.

Foreign companies seeking to do business in China may face increased scrutiny from Chinese regulatory authorities over their operations both locally and abroad, said Shaun Wu, partner at the firm of attorneys Paul Hastings.

Chinese experts have said Beijing is simply taking a page from the US and EU gaming manuals.

“China previously had neither the economic power nor the political will to use legal means to retaliate against US sanctions. He now has both, ”said Wang Jiangyu, a law professor at the City University of Hong Kong.

LEAVE A REPLY

Please enter your comment!
Please enter your name here