European Businesses Urge China to Open Up, Avoid Inward Turn
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European businesses in China urged the country to steer away from what they see as an “inward” turn of the economy to achieve self-sufficiency, which has impeded their operations and prospects.
China has stepped up control over foreign firms’ supply of technology and components to Chinese clients over national security concerns, according to a report by the European Union Chamber of Commerce in China. That’s driving European businesses to localize development and supply chains and creating an increasingly difficult business environment, the paper said.