The European Union agreed to establish a unified framework for reviewing foreign investments to protect strategic assets, the European Commission said Tuesday.

Analysts said the tightening of reviews reflects EU concerns in the face of surging buying power from China, especially in the tech sector. In 2017, Chinese direct investment in Europe surged 72.7% to a record $18.46 billion, while deals in the U.S. slowed amid rising regulatory hurdles.

The agreement came after more than a year of talks among member nations on uniform rules for assessing foreign direct investments in the region. However, the effectiveness of the plan is a question because of its nonbinding provisions.

Currently, fewer than half of EU member states have legislation in place allowing them to review foreign direct investments.

Under the agreement, EU governments will cooperate and exchange information on acquisitions while granting the European Commission the authority to issue a nonbinding opinion on potential deals.