English "China Daily" 8 July comments: United States and the EU over the past few days one to three Chinese products mandatory import restrictions. European sovereign debt crisis will have on the EU-China relations? how would lead to cooperation, or the birth of protectionism? Sino-US trade relations bilaterally. EU-China trade relationship is bilateral in nature — at least in theory.
Overall, the EU economy of scale more than United States. But the EU consists of 27 more relatively independent economies. The vast majority of all euro area countries, some are not. Although the EU has a common monetary policy, the EU's lack of a common fiscal policy. You can imagine that each province in China, like every country in the European Union, they have a common monetary policy, but many provinces but use different currencies, and all of the provinces have enacted their own fiscal policy, then you understand that the EU is now facing a dilemma is how it happened.
The EU is China's largest trading partner and China is the EU's second largest trading partner. In addition to the conventional political, trade and economic Conference, in Europe there are more than 24 items, dialogues and agreements, from environmental protection to the industrial policy, to education and culture. In spite of the fact that EU trade is established on the basis of bilateral trade relations, but not all European countries in bilateral trade in play equal roles. Because some practical purpose, Germany, Netherlands, United Kingdom, France and Italy occupies 70% of EU-China trade, a leading European economic exchanges with China.
Germany a country occupy 30% of bilateral trade, Germany is also the core of the EU economies. Germany's economic situation determines the trend of the European economy as a whole. Germany Angela Merkel's Christian Democratic Union (ChristianDemocraticUnion) expressed support for the assistance of rescue policy Greece, Merkel in domestic support rate plummeted. Politically, Merkel's right-wing Union are becoming increasingly vulnerable. On the other hand, the Social Democratic Party (SocialDemocraticParty) revival will only further strengthen Sino-German economic co-operation between the traditional exchanges.
And the Nordic countries, the Netherlands is Europe a few budget surplus countries, is in the EU's second largest trading partner. Despite the economic crisis has forced the Netherlands Government in General, but the political leaders of change does not necessarily bring about changes in the trade. France, the former President Jacques Chirac called "multipolar world", and the Chinese thought has a lot in common. Although the new President Sarkozy on global issues and the predecessor has a completely different perspective, and in France the domestic public support rates go lower, but this does not affect France always trade with China in a very important position.
United Kingdom budget deficit has now increased to 11% of GDP. After the election, the new Prime Minister Cameron warns United Kingdom nationals to live "decades" hard time. United Kingdom used to be the EU's greatest investor. 590-British trade volume reaches the us $. Free democratic party politicians in power, the Conservative Party will seek to work more closely with the Chinese. Affected by the debt problems of the tired, Italy became the focus of the EU. Prime Minister Berlusconi trying to reduce public spending $ 31 billion, Italy's Government is doing all kinds of demonstrations and opposition. Although domestic ills, Italy is still trying to find more domestic companies entering the Chinese market, and attract Chinese investment in Italy. So far, China is the EU's most important trading partner of China trade remains stable. Those exports to China high technology products of the EU countries are also committed to strong trade relations with China, for example, export of Sweden, as well as automobile export phone Finland, etc.
European sovereign debt crisis let people deeply concerned by the global economic recovery. The policy of the EU now will lead to economic stagnation, deflationary pressures increase, the euro will further weaken the purchasing power of residents. In the past, EU leaders have agreed to promote bilateral investment and trade, responding to the recession. Now the crisis to open the European internal market for high-end advanced, China's capital and employment opportunities will also benefit from the European countries.
Through the "advanced economic and trade dialogue"-European parties to seize the opportunity to use all possible means, and economic cooperation to a new level. But the current promotion cooperation might have been increasing friction. Recently, the EU is in the "global trade-warning" standards (GlobalTradeAlertcriteria) don't as trade protectionism in the most serious one of the five major economies. Over the past few days, the United States and the EU for the three Chinese products have set a mandatory import tariffs. This indicates that the global crisis is far from over. The EU is the most difficult time yet to come. The world now needs most is sustainable growth. In the next few years, only China and other emerging economies are capable of stimulating economic growth in the world. Therefore, the EU and China are two bucket defeat, the two sides.
Author Dan · Justin Burke (DanSteinbock) for United States independent think tank in India, China and the United States (India, ChinaandAmericaInstitute) fellow, international economy.
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