Ministry of Commerce: "Industrial Accelerator Act" is engaging in protectionism, calling on European counterpart to lead by example in following WTO rules.

According to the news from the Ministry of Commerce on March 6th, the Ministry of Commerce spokesperson stated that the "Industrial Accelerator Act" released by the EU on March 4th has set restrictions on foreign investment in four emerging strategic industries including mandatory technology transfer, foreign equity ratios, local content requirements, and local employees. China believes that the EU is building walls and promoting protectionism under the guise of developing EU industries and promoting green transformation, which not only backfires but also undermines rules, disrupts fair competition, and disturbs the stability of global supply chains. China urges the EU to lead by example in complying with WTO rules, quickly return to fair, transparent, and non-discriminatory cooperation, and avoid going further down the path of rule-breaking and protectionism. China will closely monitor the relevant legislative process, carefully assess the impact on China's interests, and resolutely defend the lawful and legitimate rights and interests of Chinese enterprises.