The European Union is finalizing a massive plan that will serve as a powerful economic tool in the fight against critical dependence on China, Bloomberg reports.
The European Commission is preparing radical changes to public procurement rules that will allow governments in the bloc to legally give an advantage to local European companies. Brussels aims to protect strategic sectors such as chip production, medical equipment, green energy and digital infrastructure.
The new regulation will give member states the right to reject foreign bids if more than half the value of the proposed product or service comes from a country outside the EU that does not provide reciprocal market access. The bloc's trade deficit with Beijing has reached record levels of 360 billion euros, forcing Brussels to act firmly to stop the contraction of European industry.