On Monday, the Standing Committee of the National People’s Congress started deliberations on draft amendments to the foreign trade law, Reuters reported, citing Xinhua. This is the first update of the law since April 2004.
The proposed changes include:
- strengthening China’s ability to impose trade bans or restrictions on foreign companies and individuals deemed a threat to national sovereignty or security;
- creating a “trade adjustment assistance” system and mechanisms to stabilize supply chains;
- enabling additional measures such as export controls and investigations into foreign companies.
While the revision was expected this year, its inclusion on the agenda came as a surprise. Legislative procedures in China typically require three readings, and it is still unclear whether the amendments will be passed this week.
The update comes amid escalating global trade tensions. Donald Trump’s return to the U.S. presidency has been marked by new tariffs on Chinese goods, followed by Beijing’s “mirror” countermeasures. In August, the two sides agreed to a 90-day “trade truce,” temporarily delaying the introduction of additional tariffs.
Meanwhile, frictions with other partners are also intensifying: last week, China imposed preliminary anti-dumping duties on pork imports from the EU after Brussels raised tariffs on Chinese electric vehicles. Soon after, Mexico announced it was considering tariffs on Chinese goods.
Against this backdrop, China’s export growth slowed in August to its lowest level in six months, underscoring the vulnerability of the country’s economy to external challenges.
PigUA.info based on materials from thepigsite.com