World: There is definitely no denying that the tensions between the two nations have slowly been intensifying and the recent move by China is being considered as a counter move to tackle the U.S. sanctions placed against the nation.
Earlier news broke out that the Chinese lawmakers are making progress on legislation to retaliate for foreign penalties and it has now been reported that the legislations put forth have been approved by the Chinese authorities.
According to China Central Television, the state broadcaster, the National People’s Congress Standing Committee adopted the bill on Thursday. The complete text of the final bill was not immediately made public.
In the March report, China’s legislative leader, Li Zhanshu, stated that the country would “upgrade our legal toolkit for meeting challenges and guarding against risks in order to oppose foreign sanctions, interference and long-arm jurisdiction.”
Both these nations act as a key player in international relations and tensions between the two nations can create a number of problems especially for multinational corporations. Furthermore, international trade practices may also be negatively impacted by this entire situation.