The EU's new law on “industrial acceleration“ discriminates against Chinese entrepreneurs and creates significant investment restrictions, prompting China to retaliate against the bloc's policies, according to China's commerce ministry.
“If the EU insists on adopting the law, thereby harming the interests of Chinese enterprises, China will have no choice but to retaliate“, the ministry said in a statement.
It is noted that China has proposed that the EU remove discriminatory provisions against foreign investors from the law, including intellectual property transfer requirements and restrictions on public procurement.
The commerce ministry added that the EU should abandon the “industrial acceleration“law acceleration“ to preserve fair competition within the bloc and ensure a smooth “green transition“.
In February, the Financial Times (FT) reported that the European Commission had prepared a bill to prioritize the use of European products in public procurement in the defense, digital and industrial sectors to boost production.
According to the publication, the Industrial Acceleration Act sets targets for the volume of European components to be used in specific strategic technology projects, including renewable energy, batteries and cars.
The proposals, under Brussels' slogan “Buy European“, also set out the conditions for the transfer of intellectual property by foreign investors and the hiring of local workers by them.