China concerned about German rules tightening foreign takeovers

China concerned about German rules tightening foreign takeovers

China hopes that Germany and the European Union (EU) are free from the distraction of protectionism, and avoid releasing confused and negative signals, Foreign Ministry spokesperson Geng Shuang said Friday.

BEIJING, July 14 (Xinhua) -- China hopes that Germany and the European Union (EU) are free from the distraction of protectionism, and avoid releasing confused and negative signals, Foreign Ministry spokesperson Geng Shuang said Friday.

Germany Wednesday tightened investment rules to protect strategically important industries from non-EU foreign bidders. According to reports, Germany, along with France and Italy, will call for a similar European mechanism. These movements reflected concerns that Chinese companies could obtain German technological know-how through takeovers, according to reports.

China is aware of the trends in Germany and the EU, Geng said at a daily press briefing, reiterating that the nature of economic and trade cooperation between China and other countries including Germany is to achieve mutual benefit.

It is obvious that economic and trade cooperation between China and Europe has been productive and has benefited the companies and peoples of both sides, Geng said.

Under the current situation, China is willing to facilitate free trade and investment with Germany and the EU, said Geng, identifying that efforts should be made on the basis of equality and mutual respect, and in line with the principle of mutual benefit and common development.

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