China

The European Commission will present a discussion paper today on ways in which the EU can protect its companies from hostile takeovers from state-owned investors outside of Europe. Manfred Weber MEP, Chairman of the EPP Group in the European Parliament, said: “We are happy that the European Commission is finally taking this issue seriously. But China will not be impressed by a discussion paper. What we urgently need is legislative proposals to prevent outsiders from buying our strategic companies and know-how at a bargain price.”

As our companies suffer the consequences of the Corona pandemic, the EPP Group is extremely concerned that China will benefit from the economic recession in Europe. Weber continued: “We are not against fair competition, on the contrary. But fair competition is absent when massive state subsidies distort the global market at the expense of jobs and businesses in Europe. We should not accept that any longer. This is why we urge the European Commission to move forward and propose a protective shield to stop the Chinese shopping tour in Europe and enforce a level playing field in the global economy.”

NOTE TO EDITORS

The EPP Group is the largest political group in the European Parliament with 187 Members from all EU Member States

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