German economy minister: EU needs strong, efficient competition rules

Berlin (dpa) – The European Union needs tough competition rules in the face of growing competition from China, German Economy Minister Peter Altmaier said on Monday.

He was speaking at the start of an EU conference on the subject in Berlin, part of Germany’s rotating presidency among the bloc’s member states.

“We need a fair competition framework … with companies that are supported by third countries and are therefore not subject to EU state aid rules,” Altmaier said.

The European Commission presented a policy paper in June setting out restrictions for state-subsidized companies from China and other countries when doing business in the EU.

Altmaier had previously warned of a “sell-off” in German business interests, following a number of takeovers by Chinese investors in the technology sector, most notably of German robot manufacturer Kuka in 2016.

The minister has also promised support to Germany’s steel industry, which is battling with a glut in the global market driven mainly by Chinese production.

EU Competition Commissioner Margrethe Vestager also attended the conference in Berlin.

She stressed the importance of competition in driving the European economy’s recovery from the coronavirus crisis.

Vestager noted “huge differences” in the aid that EU countries are able to disburse in response to the pandemic.

“It’s in our common interest to avoid an asymmetric recovery and risk even greater divergence within the single market,” she added.