Economy

China boosts export controls on dual use items, state media says

BEIJING (Reuters) – Chinese Premier Li Qiang has signed a decree of the State Council to unveil regulations on export control of so-called dual use items, which will take effect on Dec. 1, 2024, state news agency Xinhua said on Saturday.

The regulations aim to improve transparency and standardization of export control policies and to boost export control capabilities of items that may be used either for civilian or military purposes, said Xinhua.

The United States says Beijing is supporting Russia’s war effort in Ukraine by supplying dual use goods, including microelectronics, that can help it build weapons. China says it has not provided weaponry to any party, and that normal trade with Russia should not be interrupted.

The new regulations put in place a permit system for the export of dual use goods and create a list of restricted goods. Exporters of such goods will have to disclose the ultimate user and the intended use of the exported goods.

This week Washington sanctioned two Chinese companies and a Russian affiliate involved in making and shipping attack drones and warned the two countries to halt cooperation boosting the Ukraine war effort.

This post appeared first on investing.com

Related posts
Economy

Top 4 reasons why the S&P 500’s VOO ETF is about to surge

The Vanguard S&P 500 ETF (VOO) remained in a tight range this week as investor sentiment weakened and as the earnings season…
Economy

Pinterest stock price forecast: irrational crash after earnings

Pinterest stock price suffered a harsh reversal, crashing by over 10% in extended hours after the company published mixed financial results. PINS…
Economy

Snap stock price forecast: is it safe to buy the dip or sell the rip?

Snap stock price suffered a major reversal this week, erasing the gains made in the past few months. It plunged to a…