China vows new legal shield that could counter US sanctions and protect finance
‘We don’t stir up trouble,’ He Lifeng says as first vice-premier to attend annual Lujiazui Forum since 2019, ‘but we’re absolutely not afraid of it’
China has vowed to strengthen legal protections against unilateral sanctions, according to Vice-Premier He Lifeng, as Beijing moves to build a robust legal shield for its financial system and companies facing rising geopolitical risks.
Addressing the Lujiazui Forum in Shanghai on Wednesday, He said China would incorporate blocking and countermeasure provisions into upcoming financial legislation and expand legal tools to counter what it considers to be improper extraterritorial sanctions.
“We don’t stir up trouble … but we are absolutely not afraid of it,” He said, without naming specific countries. “Faced with groundless suppression and containment that disregard facts, China will never compromise or back down, and will resolutely safeguard national sovereignty, security and development in accordance with the law.”
During his speech, He argued that “a handful of countries should not impose their own rules on others” and warned against the growing use of unilateral measures.
“In the long run, unilateralism, protectionism and the law of the jungle are destined to lead nowhere,” the vice-premier added.