China Asserts Broad Power to Seize Assets in Anti-Sanctions Law
- Top legislative body passes bill in effort to hit back at U.S.
- Move aimed at ‘countering hegemonism and power politics’
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China asserted sweeping powers to seize assets and block business transactions in a new law intended to allow President Xi Jinping to hit back against sanctions by the U.S. and its allies.
The “anti-foreign-sanctions law” was approved by the National People’s Congress Standing Committee after the top legislative body skipped the usual procedures to pass it without public consultation. The broadly worded legislation provides “legal support for countering hegemonism and power politics, and safeguarding the interests of the country and the people,” NPC Chairman Li Zhanshu told the body’s closing meeting, according to the official Xinhua News Agency.