The European Union should impose a temporary ban on Chinese takeovers of companies that are currently undervalued or have business problems because of the coronavirus crisis, the leader of the bloc's largest political alliance said on Sunday.
BERLIN - The European Union should impose a temporary ban on Chinese takeovers of companies that are currently undervalued or have business problems because of the coronavirus crisis, the leader of the bloc’s largest political alliance said on Sunday.
“We have to see that Chinese companies, partly with the support of state funds, are increasingly trying to buy up European companies that are cheap to acquire or that got into economic difficulties due to the coronavirus crisis,” he said. “China will be our biggest competitor in the future, in economic, social and political terms,” Weber said. “I view China as the strategic competitor for Europe, that represents an authoritarian model of society, that wants to expand its power and replace the United States as a leading power.”
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