New Export-Control Law Passed By China After Restrictive Steps By US

The Chinese government would now be able to act against those countries that abuse export controls to cause harm to the economic interests of China by passing a new law that will allow the government to restrict exports of controlled items, said a report published in the Chinese state media.

No countries targeted by the law or are in the radar of the Chinese government to be used with respect to the new law was not mentioned in the new report published in Xinhua late on Saturday.  

However analysts say that the new law would target the United States which last month imposed restrictions on exports to Semiconductor Manufacturing International Corp, China’s biggest chipmaker, which has caused a flutter among the Chinese establishment. The US has also taken a number of restrictive measures against the Chinese telecom equipment maker Huawei Technologies Co and other companies.

Issues such as trade, human rights, technology and the new coronavirus, which was first detected in China and later was allegedly allowed by China to spread around the world, have been at the centre of rising tensions between the United States and China in recent times.

The Xinhua report said that the National People’s Congress Standing Committee, the highest legislative body of the country passed the new Chinese law and it is scheduled to come into effect from December 1 this year.

According to a statement on the National People’s Congress website, products related to the military and nuclear power production as well as other goods, technologies and services and relevant data have been included in the new list of items to be controlled for exports under the new law.

The law was “formulated for the purpose of safeguarding national security and interests,” said the statement published on the National People’s Congress website

A revised list of technologies that are banned or restricted for export was issued by China’s commerce ministry in August.

(Adapted from EconomicTimes.com)



Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability

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