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ECONOMY > Trade

China’s new export law takes effect

  • December 1, 2020
  • , Nikkei
  • JMH Summary

Nikkei wrote that China put into effect on Tuesday a new export control law that allows the nation to tighten for national security reasons controls on shipments to foreign companies. The paper speculated that the trade dispute between the United States and China could escalate further as a result of the new law because Beijing apparently had the United States in mind when enacting it. The paper wrote that the law requires official approval to export strategic materials and cutting-edge technologies. Although no product list has been published, rare-earth metals, more than 60% of which are produced in China, are likely to be among those that will face export restrictions. The paper added that Japanese and other foreign companies are worried that China could use the new law to block shipments because it allows the nation to take retaliatory actions if any economy “abuses” export controls. Chief Cabinet Secretary Kato told reporters on Monday that the government is watching the development, including the possibility of the new law having an impact on Japanese business activities, with great interest. Mainichi ran a similar report.

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