Posted on Jun 12, 2021
China's New Anti-Foreign Sanctions Law Sends A Chill Through The Business Community
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https://www.npr.org/2021/06/11/ [login to see] /chinas-new-anti-foreign-sanctions-law-sends-a-chill-through-the-business-communi
Over the last three years, the U.S. and the European Union have imposed a series of sanctions on Chinese officials and companies. Now China has created a new legal tool to hit back.
Organizations with a foot in both the United States and China may face a tough choice going forward: By complying with American sanctions on China, they face the possibility of tough sanctions in China as a penalty for doing so.
On Thursday, Beijing passed a sweeping law designed to counter U.S. and EU sanctions on Chinese officials and major Chinese companies. Those involved in designing or implementing the U.S. and EU sanctions could find themselves or their family members denied visas to China. Their property in China may be seized, and any commercial transaction they attempt with a Chinese institution can be blocked.
"The law signals that when you have no standing or power to boss people around, then your law in the U.S. will get you nowhere in China," says Wei Jianguo, a former commerce vice minister. "This law is like the ringing of a gong. It is a warning to the U.S.: You should be worried. China will not endure this treatment as easily as it once did."
Over the last three years, the U.S. and the European Union have imposed a series of sanctions on Chinese officials and companies. Now China has created a new legal tool to hit back.
Organizations with a foot in both the United States and China may face a tough choice going forward: By complying with American sanctions on China, they face the possibility of tough sanctions in China as a penalty for doing so.
On Thursday, Beijing passed a sweeping law designed to counter U.S. and EU sanctions on Chinese officials and major Chinese companies. Those involved in designing or implementing the U.S. and EU sanctions could find themselves or their family members denied visas to China. Their property in China may be seized, and any commercial transaction they attempt with a Chinese institution can be blocked.
"The law signals that when you have no standing or power to boss people around, then your law in the U.S. will get you nowhere in China," says Wei Jianguo, a former commerce vice minister. "This law is like the ringing of a gong. It is a warning to the U.S.: You should be worried. China will not endure this treatment as easily as it once did."
China's New Anti-Foreign Sanctions Law Sends A Chill Through The Business Community
Posted from npr.org
China
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Posted 3 y ago
Responses: 4
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Did you really expect anything different? China is going to act in their interests - there really isn't a damn thing the rest of the world can do about it - I have said this for months - hitting China economically is going to have serious repercussions to our own economies as western markets have a dependency on Chinese goods.
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SFC Randy Hellenbrand
You are 101% spot on. Certainly, any smart person knows this. Corporate America is the blame here. As thru much of history, GREED DESTROYS ALL. We all know that new high tech and mostly automated American factories are the answer, just like the Germans and Japanese built after WWII that catapulted them to industrial greatness, but will our business CEOs build them or just continue to increase their own salaries. That is the question that has to be answered. In my wildest dreams, I can never see the GOP going for this.
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SSG Robert Perrotto
SFC Randy Hellenbrand - neither will the Democrats Randy. By the way - trade with the CCP was formalized by Jimmy Carter, in 1978, in which he Ceded Taiwan independence to Mainland China. The strategy was first, to sever Russian/Chinese ties in order to facilitate the downfall of the Soviet Union - First undertaken by Richard Nixon, who opened diplomatic ties with China in 1972. Watergate hampered and hindered his second term to follow up, and Ford had to repair the damage watergate did to the country, so it fell to Jimmy Carter to continue the work of keeping the USSR and China from forming an alliance of expediency and politics. In order to do that, Carter had to make concessions to China, The plan was two fold - deny the USSR the Chinese market, which succeeded, and flood the average Chinese citizen with western amenities and goods, in the hopes of a soft revolution by Chinese business and citizens. China was prepared for this, in both political will, and the fortitude to forcibly enforce their rule over their people. The west has funded, financed, and enabled China to become what it is today.
Greed is the second strongest driving force of human nature - Capitalism is the only economic system that harnesses that driving force and makes it work for betterment of all. You like those shoes you are wearing? probably at a very affordable price? Well, it was probably made in China, where the workers hourly rate is $5 or less. Do you think an American would work for $5 an hour Randy? Profit is the driving motive of business, no one works for free, nor invents things without the dream of wealth.
Greed is the second strongest driving force of human nature - Capitalism is the only economic system that harnesses that driving force and makes it work for betterment of all. You like those shoes you are wearing? probably at a very affordable price? Well, it was probably made in China, where the workers hourly rate is $5 or less. Do you think an American would work for $5 an hour Randy? Profit is the driving motive of business, no one works for free, nor invents things without the dream of wealth.
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China sees how successful they are at using our professional sports against us, this is only a natural offshoot from that. MHO
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