The European Union Chamber of Commerce in China warned Brussels officials that unchecked trade imbalances could prompt firms to adopt a strategy of producing goods in China for the world. Rising competition is already depressing domestic manufacturing, with Goldman Sachs projecting Chinese exports will cut EU gross domestic product by 0.5% and Germany's by up to 0.9% by 2030. These market pressures are hitting automotive, chemical, and renewable sectors particularly hard, evidenced by BMW suffering a 22% drop in Chinese sales during the first nine months of the year. To navigate this challenge, European leaders must confront Beijing's sustained state-backed industrial policies rather than r…
Key points
European companies may pivot toward integrating directly into Chinese supply chains rathe…: European companies may pivot toward integrating directly into Chinese supply chains rather than treating foreign firms as commercial rivals.
Chinese export growth is projected to reduce European Union gross domestic product by 0.5…: Chinese export growth is projected to reduce European Union gross domestic product by 0.5% by the end of the decade.
European officials must actively engage Beijing on industrial policy instead of depending…: European officials must actively engage Beijing on industrial policy instead of depending solely on trade protectionism to save domestic manufacturing.
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Europe’s manufacturers could give up on attempting to compete with their Chinese counterparts by the end of the decade if current trends continue amid fears over mass job losses, the head of the European Union Chamber of Commerce in China has warned.
In a case of “if you can’t beat them, join them”, Jens Eskelund said European companies operating in China were now thinking “Made in China for China” could be replaced by a philosophy of “Made in China for the world”.
Eskelund, who heads the influential Beijing-headquartered body, said European manufacturers could find themselves at an existential crossroads by the end of the decade, asking themselves: “What is the point of trading?”
As the EU gets tough with China with a deficit running at a record £1bn (€1.18bn) a day and an increasing mood for protectionism in Brussels, Berlin and Paris, he said European countries might need to shift their policies to allow domestic manufacturers to become part of Chinese firms’ supply chains, rather than treat them as competitors.
Eskelund, who is also a managing director of the shipping…
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