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As US closes up, EU and China must build closer ties
By Toumert AI Source:Global Times Published: 2018/10/14
Illustration: Xia Qing/GT
As the world struggles to deal with an aggressive US administration that is only interested in its "America First" motto and a protectionist agenda, there is debate about how to find the right way ahead for the next three years at least.
The EU and China are in a position to lead the global economic order in a more balanced direction, one that focuses on cooperation and safeguarding globalization as the main path toward sustainable development.
The EU and China have the world's most dynamic economic relationship, with their bilateral trade now exceeding $1 billion per day.
Their trade and investment exchanges have become a major engine not only for their growth but also for global economic development and innovation.
The relationship between the EU and China can be used to counter the efforts by US policymakers to fragment regional economies by imposing tariffs.
As Chinese officials have said on several occasions, it is simply normal to look at building greater cooperation between the two economic giants.
With hundreds of flights between China and Europe every week, and more than 150 China-Europe train journeys each month along the route of the Belt and Road initiative (BRI), the vast Chinese market has brought huge profits to the roughly 16,000 European companies operating in China, and Chinese companies that have invested in the EU have created a large number of jobs in European countries.
EU-China trade in services amounts to more than 10 percent of the total trade in goods worldwide.
From an investment perspective, we are seeing growth in quantity and quality, with investment increasingly dedicated to high-tech sectors rather than traditional manufacturing.
All the numbers and the overall economic dynamic show how well positioned both economies are to stand firm against US economic intimidation tactics.
Another key aspect is that the EU and China have considerable influence in two emerging markets: Africa and MENA (Middle East and Northern Africa).
African and Middle Eastern economies today depend on the EU and China to develop their local economies and integrate with the EU market and the BRI.
As the US is busy imposing tariffs, developing nations in both Africa and the Middle East can rely on their historical partnership with the EU and China to secure much needed market access and funds to innovate, integrate and export freely at a lower cost and a faster pace.
For China, this is an opportunity to promote industrial upgrading.
And for Europe, which is at the higher end of industrialization, it is a chance to increase its share of the international market.
The cooperation between the two economic giants will also impact the global industrial chain. Developing countries represent a big market and massive demand.
China has extensive industries in various sectors and the EU needs buyers for its equipment and technologies. So there are broad prospects for cooperation in production capacity.
This can also help increase North-South and South-South cooperation and it will facilitate global economic recovery and promote inclusive development.
China and the EU have a responsibility to advance global cooperation in production capacity, and to contribute to strong, sustainable and balanced growth of the world economy.
In doing so, they will provide a check and balance system that can counter any economic power that tries to impose protectionist regulations.
http://www.globaltimes.cn/content/1122872.shtml
By Toumert AI Source:Global Times Published: 2018/10/14
Illustration: Xia Qing/GT
As the world struggles to deal with an aggressive US administration that is only interested in its "America First" motto and a protectionist agenda, there is debate about how to find the right way ahead for the next three years at least.
The EU and China are in a position to lead the global economic order in a more balanced direction, one that focuses on cooperation and safeguarding globalization as the main path toward sustainable development.
The EU and China have the world's most dynamic economic relationship, with their bilateral trade now exceeding $1 billion per day.
Their trade and investment exchanges have become a major engine not only for their growth but also for global economic development and innovation.
The relationship between the EU and China can be used to counter the efforts by US policymakers to fragment regional economies by imposing tariffs.
As Chinese officials have said on several occasions, it is simply normal to look at building greater cooperation between the two economic giants.
With hundreds of flights between China and Europe every week, and more than 150 China-Europe train journeys each month along the route of the Belt and Road initiative (BRI), the vast Chinese market has brought huge profits to the roughly 16,000 European companies operating in China, and Chinese companies that have invested in the EU have created a large number of jobs in European countries.
EU-China trade in services amounts to more than 10 percent of the total trade in goods worldwide.
From an investment perspective, we are seeing growth in quantity and quality, with investment increasingly dedicated to high-tech sectors rather than traditional manufacturing.
All the numbers and the overall economic dynamic show how well positioned both economies are to stand firm against US economic intimidation tactics.
Another key aspect is that the EU and China have considerable influence in two emerging markets: Africa and MENA (Middle East and Northern Africa).
African and Middle Eastern economies today depend on the EU and China to develop their local economies and integrate with the EU market and the BRI.
As the US is busy imposing tariffs, developing nations in both Africa and the Middle East can rely on their historical partnership with the EU and China to secure much needed market access and funds to innovate, integrate and export freely at a lower cost and a faster pace.
For China, this is an opportunity to promote industrial upgrading.
And for Europe, which is at the higher end of industrialization, it is a chance to increase its share of the international market.
The cooperation between the two economic giants will also impact the global industrial chain. Developing countries represent a big market and massive demand.
China has extensive industries in various sectors and the EU needs buyers for its equipment and technologies. So there are broad prospects for cooperation in production capacity.
This can also help increase North-South and South-South cooperation and it will facilitate global economic recovery and promote inclusive development.
China and the EU have a responsibility to advance global cooperation in production capacity, and to contribute to strong, sustainable and balanced growth of the world economy.
In doing so, they will provide a check and balance system that can counter any economic power that tries to impose protectionist regulations.
http://www.globaltimes.cn/content/1122872.shtml
