China's Strategic Overhaul: First Trade Law Revision in Over Two Decades
China is reviewing its foreign trade law for the first time in over two decades, aiming to bolster its trade countermeasures amid international tension. The revised law may include trade restrictions on entities threatening China's security. This is part of China's strategy to navigate escalating global trade barriers.
China's top legislative body commenced the review of the country's foreign trade law, marking the first such evaluation in over 20 years. The revision is aimed at providing legal support for countermeasures in trade disputes, including potential trade bans on entities that threaten China's sovereignty or security.
According to Xinhua, the draft law proposes a 'trade adjustment assistance' system and supply chain stabilization measures. This legislative update comes amid rising global trade tensions following former U.S. President Donald Trump's enactment of tariffs on Chinese imports.
The revision process remains under deliberation, requiring multiple readings before passage. Meanwhile, trade tensions persist as China enforces anti-dumping duties on European pork and grapples with potential tariffs from Mexico on its exports.
(With inputs from agencies.)
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