China hits back at foreign sanctions, prohibits firms from complying with international laws Updated Jan 10, 2021 | 07:53 IST
Analysts said that the new measures would squeeze multinational companies between duelling compliance regimes, with firms wondering whether they should choose sides. Representational image | Photo Credit: PTI
Beijing, China: China on Saturday issued a new order prohibiting firms from complying with foreign laws that ban transactions with Chinese companies and individuals, effective immediately.
The so-called Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures apply to circumstances that improperly prohibit or restrict Chinese individuals, companies, and institutions from conducting normal economic, trade, and related activities with parties from the third countries, according to the Ministry of Commerce, reported South China Morning Post (SCMP).
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China hits back at foreign sanctions, prohibits firms from complying with int l laws ANI | Updated: Jan 10, 2021 06:21 IST
Beijing [China], January 10 (ANI): China on Saturday issued a new order prohibiting firms from complying with foreign laws that ban transactions with Chinese companies and individuals, effective immediately.
The so-called Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures apply to circumstances that improperly prohibit or restrict Chinese individuals, companies, and institutions from conducting normal economic, trade, and related activities with parties from the third countries, according to the Ministry of Commerce, reported South China Morning Post (SCMP).
This order comes in the backdrop of the US threatening to impose sanctions and other restrictions on any and all Hong Kong and Chinese individuals in wake of the arrests of over 50 politicians and pro-democracy
Agence France-Presse/Getty Images
China unveiled new rules on Saturday, pushing back against a spate of U.S. executive orders that have blacklisted Chinese companies and restricted their access to U.S. technologies. It’s the latest reminder for investors that U.S.-China tensions are here to stay.
China’s Ministry of Commerce unveiled an order Saturday for “counteracting unjustified extraterritorial application of foreign laws.” The rules establish a vague and open-ended regime aimed at dissuading the U.S. and other foreign governments from adopting unilateral sanctions or applying them against Chinese entities and individuals, Lester Ross, partner-in-charge of law firm WilmerHale’s Beijing office, told
China-Australia trade deal does not oblige either country to continue buying goods, lawyers say Su-Lin Tan sulin.tan@scmp.com China began imposing restrictions on Australian products in April, when Canberra drew the ire of Beijing for calling for an international inquiry into the origins of the coronavirus. Photo: EPA-EFE
China and Australia can cut trade ties at any time if either country can justify the action under rules set by the World Trade Organization (WTO), despite signing a free-trade agreement together, lawyers say.
But severing trade has wider political and economic implications that can undermine international cooperation and could lead to decoupling, analysts and politicians added.