Explained: China's New Law Could Be A Headache For Foreign Businesses
A new Chinese law against foreign sanctions is designed to boost Beijing's power against international pressure, but could spark compliance dilemmas for foreign businesses operating in the world's second-largest economy. It comes just a week after US President Joe Biden expanded a blacklist of Chinese companies in which Americans are not allowed to invest.
Here is what we know about the law so far:
What is it?
The anti-foreign sanctions law was rushed into force on Thursday. It aims to protect Chinese individuals or organisations in the event that a country "uses various pretexts or its laws" to take "discriminatory" action against them.
No country is specifically named. But Beijing has accused Western nations of "suppressing" China's development, especially the United States. It has lashed out at "illegal and unreasonable" sanctions over human rights and flagged an urgent need to fight back.
What could it do?
Countermeasures listed in the law include denying visas, deportation, or seizing assets of those who formulate or comply with sanctions against Chinese businesses or officials.
It rules that authorities are not only able to …
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