"The pact loosens many of the restrictions imposed on European companies operating in China, including a requirement that they operate through joint ventures with Chinese partners and share sensitive technology.
The agreement also opens up China to European banks and contains provisions intended to curtail secret government subsidies. Foreign companies often complain that the Chinese government secretly subsidizes domestic firms to give them a competitive advantage.
China also appeared eager to reach an agreement before Mr. Biden takes office in January, calculating that closer economic ties with the Europeans could forestall efforts by the new administration to come up with an allied strategy for challenging China’s trade practices and other policies."
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