BEIJING, March 6 (Xinhua) -- China will closely follow the legislative process of the European Union (EU)'s proposed Industrial Accelerator Act (IAA), carefully assess its impact on Chinese interests and firmly safeguard the legitimate rights and interests of Chinese enterprises, the Ministry of Commerce said on Friday.
The statement came in response to a media inquiry regarding a proposal released by the European Commission on Wednesday that introduces a series of restrictive measures on foreign investment in emerging strategic industries.
According to the ministry, the proposal imposes mandatory requirements on technology transfer, foreign ownership, local content and local employment for foreign investors in the battery, electric vehicle, photovoltaic and critical raw materials sectors.
These restrictions apply solely to companies from non-EU countries that account for more than 40 percent of global manufacturing capacity and the proposal sets clear requirements to prioritize "Made in EU" goods in public support and procurement, the ministry noted.
It described these measures as serious investment barriers and institutional discrimination, stating that they violate the most-favored-nation principle and increase uncertainty for Chinese investment in the EU.
China expresses serious concern over the issue, the ministry said.
The EU's approach of erecting walls and adopting protectionist measures under the pretext of developing relevant industries and promoting green transition is counterproductive, the ministry added, noting that such moves undermine rules, disrupt fair competition, and destabilize global industrial and supply chains. ■
