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France welcomes #China investment, not 'looting' says minister

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France welcomes long-term investments from China, but only after screening deals to ensure French assets are not “looted”, Finance Minister Bruno Le Maire said on Tuesday (9 January) in Beijing.

In China on a three-day state visit, French President Emmanuel Macron is pushing for a more balanced trade relationship, hoping in particular to reduce France’s €30 billion ($35.8bn) trade shortfall with the country.

Le Maire said more balance would mean better access to Chinese markets while protecting French technologies and setting limits on Chinese investments in France.

Asked if his ministry would from now on screen Chinese investments, Le Maire said: “Yes, and I reject many.”

He added that he would announce plans on 15 January to boost a 2014 decree requiring foreign companies to get permission from the French state before taking control of French firms in the energy, telecoms, transport, water and the health sectors.

“We accept long-term investments but not looting,” he added.

($1 = €0.8373)

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