Extraterritoriality, Sanctions, and the Fight for Market : Putting China’s Anti-Foreign Sanctions Law into Context
One of the most pressing and novel legal issues that has arisen in contemporary Sino-American relations is the Anti-Foreign Sanctions Law (the “Law”) passed by the People’s Republic of China in June 2021. This article presents the first analysis which places the Law in the larger historical context of Sino-American trade relations to complement the holistic textual analysis of its contents. It highlights how this historical analysis is essential for understanding the geopolitical context of the Law, as well as the economic factors that will drive its practical enforcement. The Law is a direct response to heightened hostility from the West in recent years, yet its strong emphasis of sovereignty and national integrity can be traced back to the history of China’s engagement with the West, as a result of the legacy of the “century of humiliation” epitomized by the privilege of extraterritoriality granted to Westerners in China. To the Chinese government, this challenge to China’s sovereignty and its laws remains as the West continues to “interfere in its internal affairs” today, thereby necessitating the Law, which is not only a declaration of China’s determination to defend its interest, but also an ambitious combination of a sanctions regime, a retaliatory mechanism, and a blocking statute. Yet, the Law’s practical utility depends not on its wording, but on the desirability of the Chinese market vis-à-vis the US. US sanctions and Chinese countersanctions force international businesses to choose between the two markets in the worst-case scenario. This choice will depend on which market is more attractive, and the effect of the Law in deterring US sanctions is in turn dependent on such choices. This understanding is intuitive as US sanctions are primarily aimed at producing financial consequences, and it accords with the historical development of Sino-American relations, which began as a mutual market love story, and has now evolved into a fight for global market leadership
Year of publication: |
[2023]
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Authors: | Poon, Benjamin K.N |
Publisher: |
[S.l.] : SSRN |
Subject: | Sanktion | Sanction | China |
Saved in:
freely available
Extent: | 1 Online-Ressource (51 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 11, 2023 erstellt |
Other identifiers: | 10.2139/ssrn.4444856 [DOI] |
Classification: | K29 - Regulation and Business Law. Other ; K33 - International Law |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014356794
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