• The Financial District

TOP BEIJING ENVOY SAYS CHINA-EU INVESTMENT PACT MAY BE INKED SOON

The Chinese government’s top diplomat, State Councillor Wang Yi, said on Sunday, August 30, 2020 that it was possible to conclude the European Union-China investment agreement by the end of 2020, John Irish and Maya Nikolaeva wrote for Reuters on August 30, 2020. 

“I am thinking of the investment agreement. We have the possibility of concluding it before the end of the year. It is important more than ever to take a step,” Wang Yi said, speaking at the IFRI think tank in Paris, via an interpreter. 


China is seeking such an investment agreement with the EU inasmuch as the United States has been banning Chinese companies from operating in the US and pressuring other countries to stop dealing with Huawei, which is leading the global race to develop the 5G telecommunications systems in several countries despite the decision of France and the United Kingdom to keep China out of their telecommunications industries. 


However, German Chancellor Angela Merkel said EU would pursue multilateralism as the bedrock of the bloc’s policy while China seeks more cooperation with The Netherlands, the manufacturer of high-tech components needed by Huawei and other Chinese companies. The US has banned China from using any high-tech component using American technology.


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