EU plans new ‘diversification’ rules to cut dependence on China

EU trade officials are drafting new rules to require companies in critical sectors to increase their number of suppliers in order to reduce reliance on China, the EU Commission’s top trade official told MEPs on Wednesday (2 September). Ditte Juul Jorgensen, director-general for trade and economic security, confirmed that the commission was drafting a “diversification instrument”, the latest in a series of trade defence measures drawn up by the commission in recent months aimed at curbing Chinese dominance. The commission has also drawn up plans to curb the oversupply of Chinese industrial goods, as well as a proposed Industrial Accelerator…