Foreign companies are in a difficult situation as China's new anti-espionage law came into effect on Saturday, Nikkei Asia reported.
The leaders of the two largest business groups in China for overseas companies said that implementation of the hazily defined legislation will further shake business confidence that has already been rocked by geopolitical tensions between Beijing and Washington, as per Nikkei Asia.
President of the European Union Chamber of Commerce in China, Jens Eskelund in an interview with Nikkei Asia asked: "What is it that we are supposed to comply with? "What constitutes a state secret? What kind of information [is it] that we are not supposed to have?"
China's revised Anti-Espionage Law is aimed at strengthening China's national security, as provided for under the original law adopted in 2014.
The revision expands the scope of targets for espionage to "all documents, data, materials and articles," and allows law enforcement officials to inspect the baggage, electronic devices and property of a suspect.
This increases the risk for businesses, which are already subject to similar laws, such as the Data Security Law and National Security Law.The Chinese economy's recovery from the COVID pandemic has been wobbly, pushing the government to cut interest rates in hopes of boosting spending as business activity and real estate sales contracted in the first five months of the year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 02 2023 | 7:16 AM IST
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