{"text":[[{"start":8.04,"text":"China has hit out at the European Union’s investigation into JD.com’s bid for German electronics retailer Ceconomy, saying it constituted “undue extraterritorial jurisdiction”."}],[{"start":19.6,"text":"China’s justice ministry has barred organisations and individuals from assisting with the investigation of the Chinese ecommerce company, in a sign of persistent trade tension between the two powers."}],[{"start":29.16,"text":"A ministry spokesperson said the EU was “abusing” its foreign subsidies investigation mechanism and warned that Beijing could “resolutely retaliate in accordance with the law” if the EU persisted."}],[{"start":41.96,"text":"The statement is the latest sign of Beijing’s aggravation over an increasingly strained relationship with Brussels. European regulators and authorities have investigated a series of Chinese ecommerce platforms under the bloc’s Digital Services Act and targeted everything from steel to Peking duck with anti-dumping campaigns."}],[{"start":61.68,"text":"The European Commission, the bloc’s executive branch, is also working on a new law to oblige companies to diversify supply chains away from China."}],[{"start":69.24,"text":"JD.com, China’s largest ecommerce retailer by sales, launched a €2.2bn bid for Ceconomy in July last year in a deal billed as one of the country’s largest investments in the continent in recent years. Ceconomy operates more than 1,000 stores in Europe under the Saturn and MediaMarkt brands."}],[{"start":88.68,"text":"The transaction was initially expected to complete in the first half of this year before the European Commission began an in-depth probe in May. The investigation is examining whether unfair subsidies were involved in the deal and threatens to complicate the transaction. The European Commission has until October 2 to reach a decision."}],[{"start":106.94,"text":"JD.com declined to comment. The European Commission said its foreign subsidies regulation did not “distinguish between companies based on their nationality or ownership and is consistent with the EU’s international obligations”."}],[{"start":120.52,"text":"Beijing’s latest ban was invoked under new regulations introduced in April that target “unlawful” extraterritorial jurisdiction by foreign countries."}],[{"start":128.726,"text":"“The EU used its Foreign Subsidies Regulation to investigate JD.com, arbitrarily demanding extensive and unnecessary information about China from the Chinese entity,” the justice ministry said."}],[{"start":138.745,"text":"Analysts have said Beijing is hoping to counter EU pushback against its rising trade surplus by attacking trade policymakers in Brussels but courting more vulnerable member states individually."}],[{"start":153.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1787215605_9778.mp3"}