China says new regulations will counter foreign sanctions

China said on Friday that recent new regulations to counteract foreign sanctions would protect Chinese businesses and maintain international economic and trade order. The Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures aimed to protect the lawful rights and interest of Chinese citizens and entities, said Chu Shijia, an official with the Ministry of Commerce, at a press briefing in Beijing.

He said China has always adhered to the principle of mutual respect and no interference in internal affairs, and is opposed to unilateral sanctions. The rules, issued on January 9, are based upon the National Security Law and can create a legal basis for retaliation against foreign sanctions. But no further details have been given about how these rules will be implemented exactly.

Meanwhile, officials said China would continue to expand its opening up and ensured that the environment for foreign businesses will remain unchanged. Officials also said China would still be faced with a grim and complex situation as the pandemic raged across the world, but expressed confidence about its economy recovery. Zhang Li, deputy director of the Foreign Trade Department of the Ministry of Commerce, said that 2021 would be an innovative year for China's foreign trade.