(Beijing) China on Thursday passed a new law to counter foreign sanctions in response to growing pressure from the United States and the European Union on trade and human rights.
Since US President Joe Biden expanded the blockade of foreign companies last week, Beijing has accused the United States of “cracking” Chinese companies and issuing retaliatory threats in which Americans are not allowed to invest in the name of national security.
Countermeasures under Chinese law include “refusing to issue visas, entering territory or deporting … and sealing, confiscating and freezing the assets of persons or entities that comply with foreign sanctions against Chinese companies or officials.” According to a speech released by the Standing Committee of Congress.
These restrictions may also apply to family members of those in conflict with Beijing.
Beijing has long complained of illegal use by US sanctions and trade restrictions.
In recent months, Biden has intensified US criticism of intellectual property theft and human rights abuses in Hong Kong and against the Muslim minority in Xinjiang.
In a White House extension last week, 59 Chinese companies are now accused of supporting Beijing’s military operations, more than the previous 31.
Among them are China Telecom, a major telecommunications company, video surveillance company Higuision and Chinese oil company CNOC.
China’s foreign embargo law allows companies that allow the country’s courts to comply with foreign laws that are detrimental to national interests, thereby endangering multinational corporations that comply with U.S. sanctions.
In addition, the law states that companies or individuals in China are not required to comply with foreign regulations.