Ursula von der Leyen said the EU has to do more to address Beijing’s backing for its own sectors after European leaders discussed how to respond to US president Joe Biden’s $369 billion climate bill, which is luring green enterprises. After an EU leaders summit, von der Leyen stated in a news conference, Where China is concerned, we know they are giving significant subsidies, not only [to] the clean-tech sector] but in general. As a result, the subject is much bigger than [Biden’s Inflation Reduction Act] is what we are focusing on. As a result, we are creating a much wider plan to address it.
Source: The Wall Street Journal EU leaders are concerned that Biden’s measure, which contains tax incentives and subsidies for green technologies, could entice corporations away from their continent. EU leaders agreed in a single statement released on Friday morning that the European Union would act forcefully in the face of the new geopolitical reality to ensure its long-term competitiveness, prosperity, and leadership on the world arena. The EU was finding the IRA to be quite open and transparent to deal with because it was clearly defined and aimed at six clean-tech areas, according to von der Leyen. She claimed that the circumstances in China were even more murky, involving hidden subsidies and a wider range of sectors. She claimed that European businesses have experienced difficulty entering the Chinese market and have voiced complaints about a lack of respect for intellectual property rights .
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