Research On China’s Anti-subprime Economic Sanctions Legal System

In recent years,secondary economic sanctions have swept the world,which not only cause huge losses to the economies of the targeted countries,but also harm the interests of third-party countries and enterprises.Of course,China has also suffered from it,and under the Sino-US trade war,a series of sanctioned incidents have occurred,for example,in 2018,ZTE was sanctioned;In the Meng Wanzhou case in2020 and so on,in recent years,the United States has launched a series of secondary sanctions against Chinese banks and enterprises,and Western developed countries have also followed the pace of the United States to impose sanctions on China.In this context,the establishment and improvement of the anti-sanctions law regime has become an extremely urgent matter at present.Under such circumstances,we must quickly develop a set of counter-sanctions legislation suitable for our national conditions to protect our interests from foreign economic policies and measures.In view of this situation,the establishment and improvement of a legal regime against sanctions is an extremely urgent task at present.With the changes in the economic situation of countries around the world,Western countries have taken different degrees of economic crackdown measures against their countries,including financial sanctions.Time has passed,and although China is not directly targeted by the United States and other Western countries,it has now caused more companies to lose money due to the secondary economic sanctions adopted by the United States.In this context,China has continuously accelerated the construction of a legal system to counter secondary economic sanctions,and implemented a series of countermeasures.The soundness and perfection of these laws and regulations have provided a guarantee for China’s foreign trade.In order to provide enterprises with a better international business environment and make China’s economy faster and more stable,based on this,this paper analyzes the legal mechanism of secondary economic sanctions,including the concept and main sanctions methods,legal basis,and legality issues,and analyzes the current situation of secondary economic sanctions faced by various countries and the legal practice of coping with secondary economic sanctions,from which useful experience is derived.In recent years,China has formulated a series of laws and regulations on secondary economic sanctions,including the Blocking Measures,the National Security Law,the Unreliable Entity List System,and the newly promulgated Anti-Foreign Sanctions Law in June 2021,which are all major achievements in the construction of the legal system for foreign sanctions.In the context of secondary economic sanctions,the counter-sanctions law system is studied,and corresponding countermeasures and suggestions are put forward for China to improve the relevant legal system,help China resolve sanctions problems in a timely manner,help China’s enterprises and individuals prevent and resolve the risks of secondary sanctions,and make China’s foreign trade achieve rapid and stable development.