China passes export-control law in response to U.S sanctions
- 4 years ago
중국, 미중 갈등 속 수출관리법안 통과…韓기업도 불똥 우려
Amid continuing tensions between Washington and Beijing, China has passed a new law restricting senstive exports...allowing the government to act against countries that abuse export controls.
Our Bae Eun-ji has the details.
The clash between China and the U.S. continues as Beijing has come up with a framework to better fight back against Washington.
The nation passed a law to restrict exports allowing it to take countermeasures if any country or region abuses its export controls.
According to the country's state media Xinhua news, the law was made for the purpose of "safeguarding national security and interests”.
This law, passed last Saturday by the country's top legislative body, will take effect starting December 1st.
The new law allows tight controls on the export of military and nuclear products... as well as other goods, technologies, and relevant data.
Violation of this law will lead to fines of as much as 746-thousand U.S. dollars, and withdrawal of export licenses.
This comes as tensions between Washington and Beijing rise as the U.S. had imposed earlier sanctions on Chinese giant tech firms...including Huawei and ByteDance.
While China's existing control list is much narrower than the one used by the U.S., the list could be further expanded to more products and technologies.
In August, China’s commerce ministry made an amendment that banned or restricted export for technologies such as drones.
Even though the current export-control law is mainly aimed towards the U.S., there are concerns that it could cause a so-called "secondary sanction",... posing a threat to companies in other countries as well.
Bae Eun-ji, Arirang News.
Amid continuing tensions between Washington and Beijing, China has passed a new law restricting senstive exports...allowing the government to act against countries that abuse export controls.
Our Bae Eun-ji has the details.
The clash between China and the U.S. continues as Beijing has come up with a framework to better fight back against Washington.
The nation passed a law to restrict exports allowing it to take countermeasures if any country or region abuses its export controls.
According to the country's state media Xinhua news, the law was made for the purpose of "safeguarding national security and interests”.
This law, passed last Saturday by the country's top legislative body, will take effect starting December 1st.
The new law allows tight controls on the export of military and nuclear products... as well as other goods, technologies, and relevant data.
Violation of this law will lead to fines of as much as 746-thousand U.S. dollars, and withdrawal of export licenses.
This comes as tensions between Washington and Beijing rise as the U.S. had imposed earlier sanctions on Chinese giant tech firms...including Huawei and ByteDance.
While China's existing control list is much narrower than the one used by the U.S., the list could be further expanded to more products and technologies.
In August, China’s commerce ministry made an amendment that banned or restricted export for technologies such as drones.
Even though the current export-control law is mainly aimed towards the U.S., there are concerns that it could cause a so-called "secondary sanction",... posing a threat to companies in other countries as well.
Bae Eun-ji, Arirang News.