Chinese business group accuses EU of economic coercion against Chinese firms

  • World
  • Thursday, 04 Apr 2024

BRUSSELS, April 3 (Xinhua) -- The China Chamber of Commerce to the European Union (CCCEU) on Wednesday condemned the EU for using its new Foreign Subsidies Regulation (FSR) as a tool of economic coercion.

The critique comes after the European Commission initiated two in-depth investigations targeting Chinese solar companies engaged in public procurement for a Romanian photovoltaic park project.

"To date, the European Commission has launched three FSR in-depth investigations, all targeting Chinese enterprises," the CCCEU stated, expressing grave concerns over the probes.

The business group pointed out the broad and ambiguous definitions of key concepts listed under the FSR, stressing that the regulation would place undue burdens on companies, potentially lead to discrimination against foreign enterprises and "distort the level playing field for Chinese enterprises operating in the EU."

The CCCEU has urged the bloc to improve transparency, protect the rights of Chinese companies, and reduce barriers to investment, public procurement and business operation within the EU.

"It is imperative for the EU to establish a legal and market environment that is fair, transparent, and non-discriminatory towards Chinese enterprises," it added.

The Brussels-based CCCEU represents over 1,000 Chinese companies operating across the EU, with chambers in several member states.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

Tesla posts Q1 results with declined revenue
Argentina's Milei faces biggest protest yet as students march over budget cuts
2nd LD: Plane crashes into river in Alaska
U.S. crude oil inventories down last week: API
1st LD: Plane crashes into river in Alaska
Urgent: Plane crashes into river in Alaska
Ukraine introduces power supply restrictions to businesses, industry
Feature: Spanish city of Barcelona celebrates day of books and love
Greece's primary budget surplus exceeds target in 2023
U.S. stocks close higher

Others Also Read