LONDON: Many of the recent debates about Chinese takeovers and investments in Europe have been conducted in the opaque language of security.
Last month, with his French counterpart Bruno Le Maire, he unveiled a joint manifesto on such a policy. This proposed a focus on such perceived high-value areas as artificial intelligence and the production of battery cells. It had outbid all comers because of Midea’s ability to exploit Kuka’s technology not simply in the west, but also in China’s vast domestic market — something rival bidders simply could not do.This might not have mattered so much back when Beijing had less heft on the world stage.
Last year, it instructed KfW, the state investment bank, to take a 20 per cent stake in 50Hertz, a high-voltage power network operator, to pre-empt a Chinese state investor. French President Emmanuel Macron holds a news conference after a European Union summit in Brussels, Belgium March 22, 2019. REUTERS/Eva PlevierOne way to set this right would be for China to end the unfairness: Easing its restrictive approach to market access and the protection of intellectual property.that holds out promises of fairer treatment. But onlookers remain sceptical, waiting to see how this legislation translates into regulations on the ground.
The result can be an orgy of leapfrogging intervention, damaging investment. This is already falling. Chinese investment in the EU’s 28 countries dropped to €17.3 billion last year from €37.2bn two years ago.
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