In its annual position paper released on Tuesday, the European Union Chamber of Commerce in China warned of a slowing reform process and rising protectionism, the Wall Street Journal reported. "Our members felt the regulatory climate has failed to keep pace with China’s growth, and there’s growing economic nationalism that’s of concern to us," said Joerg Wuttke, the chamber’s president. While most European companies remain optimistic about their prospects in China, Wuttke warned of hurdles due to regulations and trade barriers driven by "economic interest groups." He called a lack of transparency "the biggest obstacle" faced by the chamber and European companies in China. EU Trade Commissioner Peter Mandelson plans to visit China later this month.