Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that the European Commission raided the offices of Chinese companies in Europe on April 23, conducting inspections on the grounds that the companies have allegedly accepted foreign subsidies. This is the fifth subsidy investigation launched by EU since February 2024. All such subsidy investigations have targeted Chinese companies. This was the first time such an investigation has led to an on-site search.
The head of the Trade Remedy Bureau of the Chinese Ministry of Commerce told the press that the Chinese industrial community was shocked and was strongly dissatisfied with this move by the EU. He said the European Commission directly raided normal office premises and detained regular business operating equipment without prior warning or legal notice, violating the principles of due process. The Sina article stated that “In a series of recent investigations conducted by the EU, the purpose has been clear, the rules and procedures have been abused, and the investigation tools have been weaponized… China will pay close attention to the EU’s subsequent developments and take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies.”
Source: Sina, April 24, 2024
https://news.sina.com.cn/c/2024-04-24/doc-inasxuyu8421014.shtml