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Current Affairs

China vows new legal shield that could counter US sanctions and protect finance

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…

By Samantha Johnson / June 17, 2026

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.”

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The remarks came after Washington earlier this month added Alibaba, BYD, Baidu and dozens of other Chinese companies to a blacklist over alleged military ties, widening restrictions on sectors at the heart of the US-China technological competition. Alibaba owns the South China Morning Post.
Additionally, the US has sanctioned several Chinese independent refineries that purchase Iranian crude, most of them based in Shandong province, for allegedly “generating hundreds of millions of dollars in revenue for the Iranian military”.

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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.

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