Name: China Issues Rules on Sanctions System After US Announces Ban on TikTok, WeChat
Uploaded: 2020-09-22T20:00:55.000Z
Description: The Chinese Communist Party has launched a system to sanction foreign companies deemed "harmful" to Chinese interests. China's commerce ministry says it will target foreign firms that endanger China's sovereignty and security.

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The Chinese Communist Party has launched a system to sanction foreign companies deemed "harmful" to Chinese interests. China's commerce ministry says it will target foreign firms that endanger China's sovereignty and security.

Chinese finance specialist Frank Tian Xie says the Chinese Communist Party is trying to show that they're still in control.

"But if you look at the Chinese list, it's kind of ironic. It's just insane because they really want to do business with America. They want those American companies to either sell their technology to China or have the production or have the products sold in China," said Xie, who is a professor in business at the University of South Carolina Aiken.

The move comes one day after the United States announced it would ban TikTok and WeChat.

Xie thinks that we shouldn't underestimate the scale of what is going on as tensions rise.

"The Chinese economy is really in, in trouble, deep trouble, deep water, and now they need everything they add, they need the American market, and they need American technology. And they need the foreign capital."

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