The EU is going to adopt the European Economic Security Strategy in order to reduce economic dependence on the decisions made in China and the United States, according to the report. The 14-page document, obtained by the news outlet, will be presented by President of the European Commission Ursula von der Leyen later in the day, and EU leaders are scheduled to discuss it at their June 29-30 summit.
2 February 2023, 16:06 GMT
Even though the document does not mention China specifically, it is clear China is implied as the main target of the ban, the newspaper said. Thus, the strategy refers to the risk of "overreliance on a single country, especially one with systemically divergent values, models and interests." The paper also mentions plans to limit the outsourcing of advanced technology to countries where it could pose a threat to national security.
The bloc intends to limit "outbound investment in a narrow set of advanced technologies that could enhance military and intelligence capacities of actors who may use these capabilities to threaten international peace and security; and the secure treatment of sensitive information," the newspaper reported.
The EU will put forward measures to tighten its grip in three main areas: inbound investment screening (to prevent foreign entities from buying key European firms), export controls (to prevent European firms from selling weapons or intelligence software to hostile states), and outbound investment screening.
The strategy put great emphasis on banning the outsourcing of "quantum computing, artificial intelligence" and "advanced semiconductors."