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Since the beginning of this year, Chinese investments abroad are already in excess of $ 200 billion. The crux of the matter is that trade between competitors must be fair trade. To this, we must add that States have a legitimate right to protect their sensitive industries. Faced with an unprecedented assault from Chinese capital, European countries are at sixes and sevens. While the UK seems to lower its guard on trade defense, we observe the opposite trend in Germany where resistance against an unbalanced trade relationship is becoming organized. The recent decision by the British PM to accept the bid by CGN -which will take a 33% stake- to build a nuclear power station at Hinkley Point poses the problem of access to ultra-sensitive technologies and sectors. A further illustration of this State strategy is the bid by Fosum and China Gas - a 51% stake- in Britain's National Grid's Gas network company. Germany, meanwhile, had until recently agreed that China should be granted the Market Economic Status (MES). But Germany has recently changed its position on this issue. The takeover of Aixtron which supplies equipment to the semiconductor industry by China's Grand Chip company has been delayed. And the proposed acquisition of Osram Licht also challenges. The fact is that Chinese companies have announced or completed acquisitions of German companies with a record $ 12.3 billion this year which represents almost 8 times the level of 2015! (Fig.Bloomberg). In this context, it is necessary that European countries improve their legislation to provide better control over foreign investment. This is particularly important when dealing with State-owned or State-controlled companies.

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