• By The Financial District

CHINA PASSES LAW TO COUNTER SANCTIONS BY U.S., UK AND EU

China’s top legislative body has passed an anti-sanctions law, providing legal backing for Beijing’s measures to counter foreign sanctions, Sarah Zheng reported for the South China Morning Post (SCMP).

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The legislation was passed on Thursday at the closing session of the National People’s Congress Standing Committee, but details of the law have not yet been made public, which attests to the haste that attended the enactment of the law.


State media said the move was intended to provide a legal basis for China to respond to sanctions. China has issued counter-sanctions in response to sanctions against it from the United States, the European Union, Britain, and Canada over Beijing’s political crackdown in Hong Kong and treatment of ethnic minorities in Xinjiang.


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But there have been concerns among foreign companies over the lack of transparency around the legislative process and the potential impact on businesses in China, which analysts say will need to be wary of being linked to foreign entities under Chinese sanctions.


The approval of the law came after the US also passed an innovation and competition act that seeks to counter China’s trade domination.


Chinese foreign ministry spokesman Wang Wenbin said that the passage of the new law showed China’s determination to protect its sovereignty and core interests, and would not affect its relations with other countries. The anti-sanctions law was announced on Monday night by state media and underwent a second reading but skipped a third, in the same way the National Security Law for Hong Kong went through the legislative process.



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Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.