European firms demand fair access to Chinese market ahead of G20

Economy September 01, 2016 19:55

Beijing - European firms on Thursday demanded fair access for foreign investors in China, days ahead of a G20 summit in Hangzhou.

Chinese companies had completed a number of "eye-catching deals" to acquire top European firms but European business was still "heavily restricted" from making similar investments in China, the European Chamber of Commerce in Beijing said.
"While Europe welcomes foreign investment, this lack of reciprocity is unsustainable and could lead to protectionism and increased tension," it said. 
It argued that a sharp drop in private investment in China this year meant it was in the country's own interests to loosen restrictions. 
Recent Chinese deals in Europe include home appliance maker Midea's purchase of 95 per cent of shares in German industrial robot maker Kuka for around 4.5 billion euros (5 billion dollars).
Last year the state-owned China National Chemical Corporation bought Italian tyre maker Pirelli for more than more than 7 billion euros. World leaders including US President Barack Obama, Russian President Vladimir Putin and German Chancellor Angela Merkel will be hosted by China for a two-day summit in the eastern city of Hangzhou from Sunday.