The European Parliament adopted a new resolution on the plenary session in Strasbourg concerning the unfair Chinese trade practices and the European response to it. According to the EP, European countries must act together to tackle unfair competition and what is even more crucial to the EU – to improve an extremely high trade deficit of €168.8 billion in 2010.
The vital interest of the EU is to remove obstacles the European businesses face when investing in China, particularly in banking, telecommunications and insurance. As the EP points, China is barring EU firms from government contracts even though the EU guarantees access to its own public procurement market for Chinese companies. The resolution calls for a new EU monitoring body to monitor China’s investments in the European firms and purchases of European sovereign debt.
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