China studies its opponent's moves and responds in kind. Now, America is learning from its adversary, too
Competition with China has dominated Joe Biden’s agenda since he took over as America’s president in January. His administration has promised to use “all available tools” to push back against what it describes as China’s unfair trade practices. Theplan takes aim at a global initiative closely associated with his Chinese counterpart, Xi Jinping. Althoughdoes not have a central planning body, more than 100 countries that are in need of infrastructure have signed up to it.
Increasingly, China and America are replicating each other’s munitions. Days earlier, on June 10th, China’s legislature passed a law that allows the government to take action against individuals and companies for complying with other countries’ sanctions against China. America and the European Union have hit China with various punitive measures because of its mistreatment of ethnic Uyghurs in the western region of Xinjiang and its demolition of freedoms in Hong Kong.
China’s new law says the government can seize the assets and block the transactions of firms complying with American ormeasures against China. Unlike the European Commission’s statute on foreign sanctions, which prohibits compliance with them, the Chinese law does not explicitly make such activity illegal. Instead it is intended as a deterrent that provides the authorities with a legal means to impose countermeasures, say state media.
The competing regimes put multinational firms in a bind. Fund managers have been attending webinars on how to navigate increasingly complex American and Chinese sanctions, says Kher Sheng Lee of the Alternative Investment Management Association, an industry body. Companies have had little choice but to follow American sanctions. China’s new bill could make that choice more difficult.project, until now.
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