China plans to include blocking and countermeasure clauses in upcoming financial laws to counter what it calls improper extraterritorial sanctions, Vice Premier He Lifeng announced on June 17 at the Lujiazui Forum in Shanghai [1, 2]. He Lifeng said these legal protections will shield China's financial system and companies facing external pressure [1, 2].
He criticized unilateral sanctions, protectionism, and extraterritorial measures as harmful practices. "A handful of countries should not impose their own rules on others," He said, adding, "In the long run, unilateralism, protectionism and the law of the jungle are destined to lead nowhere" [1, 2].
While affirming China’s resolve to defend its interests by law, He emphasized that the country does not seek conflict. "We don’t stir up trouble ... but we are absolutely not afraid of it," he said [1]. He added, "Faced with groundless suppression and containment that disregard facts, China will never compromise or back down, and will resolutely safeguard national sovereignty, security and development in accordance with the law" [2].
The announcement followed a recent update by the US Defense Department to its blacklist of major Chinese technology and manufacturing firms, signaling rising tensions in trade and technology sectors [2].
China's introduction of these legal measures aims to formally counter extraterritorial sanctions perceived as infringements on its sovereignty. The timeframe for the legislation’s enactment has not been disclosed.
