The writer is president of France
China’s trade surplus with the rest of the world now stands at a whopping $1tn. Its surplus with the EU has almost doubled to €300bn in 10 years. The combination of US tariffs and subdued domestic consumption means Chinese exports are now flooding into Europe. This is not sustainable — either for Europe or China.
However, placing tariffs and quotas on Chinese imports would be an uncooperative answer. We must acknowledge that these imbalances are both the result of weak EU productivity and China’s policy of export-driven growth.
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