China has passed a new law to curb foreign sanctions, Chinese state television reported. But the exact details of the law have not yet been released.
According to local experts, it is the latest and most comprehensive legal instrument for retaliating against punitive measures and pressure from, for example, the United States and the European Union.
The West has long been critical of China in trade and technology and its policy towards Hong Kong. All this has led to several sanctions and other measures. On Tuesday, it was announced that the US would step up its approach to unfair trade practices, especially by China. A special committee has been set up for this purpose. In addition, access to critical products such as semiconductors and batteries for electric vehicles is under review.
China then accused the US of suffering from “paranoid delusions”. It was also said that Beijing was working on countermeasures that could be put to the vote on Thursday. Foreign companies looking to do business in China may also face increasing scrutiny from Chinese authorities over their activities.
The relationship between Washington and Beijing is not merely hostile. Efforts are also being made to improve trade relations, according to a statement from the Chinese government. The two countries are said to have agreed in the first phone calls between trade ministers since Joe Biden took office.
The Americans declined to respond to a request to comment on the talks but seemed less positive beforehand. The Biden administration has also not yet made major changes to former President Donald Trump’s policies, despite a promised review.