China said on Monday that the EU’s Industrial Accelerator Act (IAA) poses “serious” obstacles to investment and amounts to “institutional discrimination”, warning that Beijing will take countermeasures to “forcefully” protect its “legitimate rights and interests”, reports Chinese Anadolu.

A spokesman for the Ministry of Commerce said the legislation imposes numerous restrictive requirements on foreign investment in four strategic emerging industries – batteries, electric vehicles, photovoltaics and critical raw materials – and includes EU-origin exclusion clauses in public procurement and public support policies, state-run Xinhua News Agency reported.

Introduced in March, the IAA aims to boost value creation in the EU, strengthening its industrial base against a backdrop of growing “unfair global competition” and growing dependence on non-EU suppliers in the sectors strategic.

Beijing has formally submitted comments to the European Commission, expressing its “serious stance and concerns” on the legislation.

In the comments, China argued that the act constitutes discrimination against Chinese investors and will slow down the EU’s green transition and undermine fair competition in the EU market.

Beijing asked the EU to remove from the legislation discriminatory requirements against foreign investors, content requirements local, mandatory requirements for intellectual property and technology transfer, as well as restrictions on public procurement.

The spokesperson of the Chinese Ministry of Commerce said that China is willing to engage in dialogue with the EU on this issue.

“However, if the EU ignores China’s comments and continues to pass legislation, causing damage to the interests of Chinese companies, China will take countermeasures to protect with firmly assert the rights and legitimate interests of Chinese enterprises,” the spokesperson said.

We use cookies to improve the experience and display ads (Google AdSense).
By clicking “Accept”, you agree to the use of cookies according to
Privacy Policy
and
Cookies Policy.
You can reject non-necessary cookies by clicking “Reject”.

Source: prizrenpost