Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

China passes export-control law following U.S. moves

Published 10/18/2020, 02:36 AM
Updated 10/18/2020, 02:50 AM
© Reuters. A Chinese national flag is seen at a port in Beihai

SHANGHAI (Reuters) - China passed a law restricting exports of controlled items, allowing the government to act against countries that abuse export controls in a way that harm's China's interests, state media said.

The Xinhua news report late on Saturday did not name any target countries, but the United States last month angered Beijing with curbs on exports to Semiconductor Manufacturing International Corp (HK:0981), China's biggest chipmaker, and it has taken various steps against Huawei Technologies Co and other companies.

China and the United States have clashed over issues including trade, human rights, technology and the new coronavirus, which was first detected in China.

The new Chinese law, passed on Saturday by the National People's Congress Standing Committee, the country's top legislative body, will take effect on Dec. 1, Xinhua said.

Controlled items include military and nuclear products, as well as other goods, technologies and services and relevant data, according to a statement on the National People's Congress website.

It said the law was "formulated for the purpose of safeguarding national security and interests."

In August, China's commerce ministry issued a revised list of technologies that are banned or restricted for export.

Latest comments

As a strong counter measure to the bullying tactic and weaponization of technology by US and its gang UK, France, Germany, Japan, South Korea and Taiwan, China should ban all export of rare earth materials immediately to these countries to cripple the world semiconductor industry instead of being pushed to the corner.
I told you guys...China will start to block...two can play the same game...Trump has Awaken the Eastern Dragon...
The Eastern Dragon has been there. Trump simply woke up the rest of the world of its silent existence. Ignoring it is not going to make things better. What's worse is the thinks CCP has on Biden
Or is it the world has finally recognized the Western Snake?...
This will encourage the continuance of the global sino-decoupling. Overall, this is good news.
Long $SOX
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.