EU risks financial hit if Chinese suppliers forced out: trade group
- On Wednesday, the China Chamber of Commerce to the EU released a KPMG-conducted study warning the European Union's proposed Cybersecurity Act could cost the bloc €367.8 billion over five years.
- The proposed legislation, introduced by the European Commission in January, mandates removal of hardware from high-risk Chinese-supplier equipment across 18 sectors within 36 months, shifting from soft recommendations to binding restrictions.
- Hardware replacement alone would cost €146.2 billion, with logistics and manufacturing facing the highest sectoral impact at €114.6 billion, while Germany would suffer the largest national loss of more than €170 billion.
- CCCEU president Liu Jiandong acknowledged that "strengthening cybersecurity and protecting critical infrastructure is a legitimate and widely shared objective," yet criticized the criteria as "politically targeted."
- The European Commission must publish its own assessment in the coming months, as member states including Germany and Italy weigh the projected costs before the act gains approval from the European Parliament.
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EU risks financial hit if Chinese suppliers forced out: trade group
A group representing Chinese companies warned Wednesday the EU would suffer hundreds of billions of euros in losses if Chinese telecoms suppliers are banned in the bloc over cybersecurity concerns.
Beijing's lobbying offensive on the EU Cybersecurity Act in numbers
A KPMG-conducted study commissioned by the CCCEU estimates that phasing Chinese suppliers out of 18 critical EU sectors between 2026 and 2030 would cost €367.8bn. Reuters’ headline rounds that down. The actual figure is materially higher. China’s chamber of commerce in the EU has put a number on the cost of the European Commission’s plan […] This story continues at The Next Web
Mario Romero.- The European Union's proposals to toughen cybersecurity by eliminating equipment from Chinese suppliers run the risk of costing the bloc the $400 billion chiller in the next five years, with Germany facing almost half the burden, according to a report by [...] The post The European Union's plan to eliminate Huawei's network technology could cost more than $400 billion first appeared on TransMedia.
China warns Europe faces €370B hit from tougher laws
The China Chamber of Commerce to the European Union (CCCEU) warned proposed revisions to the bloc’s Cybersecurity Act could result in a bill of almost €370 billion until 2030, based on tougher restrictions on Chinese suppliers across six sectors. A study carried out by KPMG was conducted for the CCCEU in response to the European Union’s (EU) proposed CSA2 cybersecurity legislation amendments, which the Chinese body claims suggests introducing su…
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