THE powerless European Parliament voted 500 - 49 for tighter screening of foreign investments into Europe to slow increasing numbers of Chinese deals that have aroused growing fears, Reuters reports
THE powerless European Parliament voted 500 - 49 for tighter screening of foreign investments into Europe to slow increasing numbers of Chinese deals that have aroused growing fears, Reuters reports. Policymakers fear that greater influence in sectors responsible for key technologies could undermine competitiveness and national security.
'All the powers in the world - the US, Canada, Japan to China - have had their systems of screening, the US with CFIUS since 1975. Only Europe has no screening system,' said French Christian Democrat MEP Franck Proust, who led the initiative.
'We're not looking to bar foreign investment. It is essential for EU countries, we need it. It's to pay attention to the investments that are strange, that do not make economic sense but are political,' he said.
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