Beijing: China on Saturday banned firms from complying with foreign laws that ban transactions with Chinese companies and individuals.
According to the Ministry of Commerce, reported South China Morning Post (SCMP). The rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures apply to conditions that 'improperly prohibit or restrict' Chinese individuals, companies, and institutions from conducting normal economic, trade, and related activities with parties from the third countries.
This development comes amid the US threatening to impose sanctions and other restrictions on any and all Hong Kong and Chinese individuals in wake of the arrests of over 50 politicians and pro-democracy advocates by Hong Kong authorities. The ministry of commerce said, "The rules were issued] to defend national interests, avoid or mitigate the adverse impact on Chinese enterprises, and maintain the normal international economic and trade order."
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