China introduces new laws restricting exports of 'controlled goods'.
According to Reuters, the law focuses on the export of military technology and other goods that could pose a threat to Beijing's national security.
The Export Control Law has several categories of ‘controlled goods’ including nuclear, military goods and multifunctional goods that can be used for military purposes as well as the people.
In addition, the law also protects goods that are considered important for China's national security protection.
Under the law, exporters must apply for a license to export any goods listed in the law.
If any party or individual does not comply with the law, they can be fined up to more than US $ 760,000.
The export control is believed to be a response to similar actions taken by the United States (US) against China in the past.
TikTok, Huawei and Tencent are among the Chinese firms affected by US action.
However, the move by Beijing is likely to further weaken US-China relations.
Tensions over trade issues between the two world economic powers have started since 2018 but are getting tense this year.
According to National University of Singapore Guest Professor Alex Capri, China's new export law is a reaction to China's escalating technological war and efforts to protect its interests.
"Another thing that caught my attention was that China also listed artificial intelligence (AI) and algorithms under export control," said Capri.
Capri added that he believes the trade war between the US and China will continue under the rule of future US President Joe Biden.
