The European Union has introduced a new mechanism for screening foreign investment. It's widely believed to have been prompted by concerns over China's economic ambitions in Europe. It will allow the European Commission - the EU's executive arm - to give an opinion when an investment "threatens the security or public order" of more than one member state or undermines an EU-wide project such as the Galileo satellite project.
In March, the European Commission called China a "systemic rival" and a "strategic competitor". The Chinese Ambassador to the EU urged the bloc to remain "open and welcome" to Chinese investment, and not to "discriminate". China's ownership of EU businesses is relatively small, but has grown quickly over the past decade. A third of the bloc's total assets are now in the hands of foreign-owned, non-EU companies, according to a report from the European Commission in March.
In March, the European Commission called China a "systemic rival" and a "strategic competitor". The Chinese Ambassador to the EU urged the bloc to remain "open and welcome" to Chinese investment, and not to "discriminate". China's ownership of EU businesses is relatively small, but has grown quickly over the past decade. A third of the bloc's total assets are now in the hands of foreign-owned, non-EU companies, according to a report from the European Commission in March.
