China’s Foreign Ministry strongly criticized the European Commission’s economic security plan on Thursday, asserting that the move would escalate global apprehensions about the EU’s increasing protectionism and unilateralism. The plan, reportedly targeting China, has raised concerns about its potential impact on investment, trade, and technological cooperation.
China’s prominent business group in the EU warned that the EU’s strategy could have far-reaching consequences across various sectors. The move indicates the EU’s growing aggressiveness and hostility in its approach toward China, prompting experts to emphasize the need for China to formulate a viable response plan.
The European Commission unveiled the European Economic Security Package, urging tighter scrutiny of foreign investment and coordinated controls on exports and technological outflows. Though not explicitly naming China, the EU’s emphasis on “de-risking” signals its intent to reduce economic reliance on China.
Chinese Foreign Ministry spokesperson Wang Wenbin, commenting on the EU plans, expressed concerns over the EU’s protectionist and unilateral tendencies, urging adherence to market economy norms and international trade rules. Wang stressed that such policies could harm the EU’s international image and erode confidence in the EU market among Chinese and global businesses.
The EU’s proposed measures, projected to take up to three years to take effect, have triggered widespread concerns. The China Chamber of Commerce to the EU (CCCEU), representing over 1,000 Chinese enterprises, voiced anxieties about the potential impact on Chinese companies’ investments, trade, and innovation collaboration within Europe.
Fang Dongkui, the CCCEU’s secretary-general, noted that the EU’s inward-looking trend, coupled with sluggish economic recovery, might result in increased costs passed on to consumers. The economic security package adds another layer of strain to China-EU ties, already under pressure due to the EU’s assertive stance.
Experts underscored the challenge for China-EU relations, emphasizing the need for a balanced approach. Despite hopes for improvement, the EU’s adoption of protective measures could impede cooperation in economy, trade, and other fields.
China-EU ties have faced challenges, including the EU’s anti-subsidy investigation into Chinese electric vehicles. Experts argue that while China seeks collaborative relations, the EU’s protectionist stance is driven by economic challenges and geopolitical factors.
In response, experts propose a rebalancing of China-EU relations, maintaining overall stability while addressing specific issues and areas where the EU adopts an aggressive stance.