China passed law to counter US and EU sanctions

China has passed a new law to counter the US and EU sanctions simultaneously.

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China has passed a new law to counter the US and EU sanctions simultaneously.

The two blocs have been pressurizing China in terms of trade, Hong Kong, technology, and human rights issue. The corporations working against the Chinese administration are put on the anti-sanctions list. Other than that, China may expel them from the country or forfeiture their assets. 

China’s top legislature, the National People’s Congress (NPC) standing committee, passed the law on Thursday. All 14 vice-chairpersons of the committee are under US sanctions for passing the Hong Kong national security law last year that critics say has crippled political freedoms.

The bill underwent a secret first reading in April and was passed on Thursday, barely two days after the NPC announced that it was doing a second reading of the bill. It skipped a third reading normally needed for other bills.

China is facing an extreme downturn in the economy due to the imposed sanctions. However, China is now in rush to counter all those sanctions that are crippling its economy and interfering in internal matters. Chinese experts said Beijing was simply taking a page from the playbooks of the US and EU.