China's Concerns over EU's Industrial Accelerator Act
China's commerce ministry voiced concerns over the EU's proposed Industrial Accelerator Act, which restricts foreign investment in key sectors. China views these measures as protectionist and potentially harmful to global trade and supply chain stability. The act emphasizes EU-made low-carbon products, eliciting strong reactions from Chinese officials.
- Country:
- China
On Friday, China's commerce ministry expressed significant concern regarding the European Union's proposed Industrial Accelerator Act (IAA), which introduces restrictions on foreign investments in sectors such as batteries, electric vehicles, solar photovoltaic cells, and critical raw materials.
The IAA, revealed on Wednesday, demands low-carbon and 'Made in EU' standards for public procurement and subsidies in the production of materials and technologies like aluminium, cement, steel, wind turbines, and electric vehicles.
Chinese officials argue that these measures, under the guise of industrial development and green goals, signify protectionism. They warn that such actions could adversely affect global trade rules, fair competition, and supply chain stability.
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