China passed a new law banning national security sensitive exports, allowing Beijing to take revenge on the United States
Beijing : China has passed a new law to limit national security sensitive exports, allowing Beijing to take revenge on the United States. It is significant that there is tension between the two countries regarding trade and technology. This law, approved on Saturday by the Standing Committee of the National People’s Congress, will be applicable to all companies in China from December 1.
The law will apply to these.
Under the new law, China may retaliate against countries or regions that abuse export controls and pose a threat to national (Chinese) security and interests. Export control under the law will apply to civilian, military and nuclear products, as well as goods, technologies and services related to national security.
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The violator of the law will be on 7, 46, 500 USD fine
According to the law, the list of checked items will soon be published with the relevant services. In this way, China can take commercial action against America, which recently banned Chinese tech companies. 50 lakh yuan (7,
on violators of the new export regulations, 500 dollars) or up to twenty times the value of the goods.