The European Union has approved new rules for its member states for the screening of foreign investment, its first attempt to create an entity similar to the Committee on Foreign Investment in the U.S., which monitors foreign investments on national security grounds.

The new rules, designed mainly with China in mind, will require the 28 E.U. member states to inform the others when they are screening foreign investment projects for security reasons under their national rules. The European Commission will also have the right to issue opinions on how to handle foreign investment where it affects more than one member state or involves an E.U.-wide project, such as the Galileo satellite communication system.