The National People’s Congress has formally passed a new legislation against foreign sanctions. With this law China seeks to build its defences against rising United States and European Union pressure on trade and human rights.
The Chinese Communist Party passed this law after accusing USA of suppressing Chinese firms and issued veiled threats of retaliation. This was done after USA President Joe Biden expanded a blacklist of companies wherein Americans are barred from investing in.
Provisions of new law
- Refusal to issue visas, denial of entry & deportation.
- The Sealing, seizing, and freezing property of individuals and businesses which is attached to foreign sanctions against Chinese businesses or officials
- The Restrictions can also be applied to family members of individuals who fall foul of China.
- It allows Chinese courts to punish companies complying with foreign laws that damage national interests.
Chinese Communist Party is complaining since long about extra-territorial application of USA law by means of sanctions and restrictions on trade. President Biden is also criticizing China in recent months with respect to theft of intellectual property and alleged human rights abuses in Hong Kong and Xinjiang.
Blacklisted American Companies
The Several Americans companies are barred from investing in because of their links with Beijing’s military apparatus. 59 Chinese companies that are off-limits to American investors includes China Mobile, China Railway Construction Corp, video surveillance firm Hikvision and China National Offshore Oil Corporation.
China Passes new Law against Foreign Sanctions China Passes new Law against Foreign Sanctions