Concerned about mounting geopolitical risks, the European Union on Wednesday unveiled a series of steps to bolster the 27-member bloc’s economic security as it seeks to reduce reliance on countries such as China and Russia while protecting key sectors and emerging technologies.

The proposed measures, which could take years to implement, are seen as largely targeting the EU’s “systemic rival,” Beijing, as they could limit Chinese investments and access to key areas, in line with a strategy championed by Washington.

Although the economic security package is “country agnostic,” it is “closely tied to the ongoing debate on the impact of China’s industrial policy on the EU and Beijing’s increased use of economic coercion to exert pressure on third countries,” said Alicja Bachulska, a policy fellow at the European Council on Foreign Relations.