‘We’ll be a museum’: EU heavyweights back industrial accelerator as China shock fears grow

Major EU member states, including Germany, France, Italy, Spain, the Netherlands, and Poland, have offered qualified support for the bloc's proposed Industrial Accelerator Act (IAA). This act, debated for the first time on Thursday, aims to impose strict conditions on investments into the EU from China and other countries. While accepting the general framework, these nations raised concerns regarding bureaucratic hurdles, implementation timelines, and the extent to which the plan should be accessible to non-EU entities. The IAA is seen by some as a strategic shift to bolster European industry, drawing parallels to China's past economic opening.