With eyes on China, EU lawmakers back investment screening [Reuters]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Reuters
With eyes on China, EU lawmakers back investment screening | Reuters 3 Min Read STRASBOURG (Reuters) - EU lawmakers overwhelmingly backed a far-reaching system on Thursday to coordinate scrutiny of foreign investments, notably from China, to protect strategic technologies and infrastructure in Europe. The vote was 500 in favor, 49 against and 56 abstaining. Under the plan, developed as Chinese investments surged, the European Commission will investigate foreign investments in critical sectors and give its view on whether they undermine European interests. China is not named in the proposed legislation, but its backers’ complaints over investments by state-owned enterprises and technology transfers are clear references to Beijing. “All the powers in the world - the United States, Canada, Japan to China - have had their systems of screening, the United States with CFIUS since 1975. Only Europe had no screening system,” Franck Proust, the leading EU lawmaker on the plan, said on the eve
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