@Brad_Setser@songpinganq China has a massive demand for agricultural products that the EU simply cannot provide. Meanwhile, when it comes to high-end industrial equipment, the EU has fallen under the shadow of America’s long-arm jurisdiction. The EU is simply not a sovereign, independent entity
@wagaligo@fbermingham The reality is the severing of cheap Russian energy following the Russia-Ukraine conflict, the mounting fiscal burden brought on by massive national debts incurred to aid Ukraine, and the inefficiency of its low-to-mid-end industries when pitted against fierce Chinese competition
@fbermingham For the past decade and more, while the EU elites occupied the moral high ground to criticize China’s industrial policies and unfair government subsidies, little did they expect that they would now shamelessly resort to the exact same practices and even attempt to justify them.
@fbermingham@Aligarciaherrer Coupled with the rise of the far-right, it has become exceedingly difficult for Eu politicians to reform. This is the essence of the problem. At this juncture, accusing China of its industrial policies rather than reflecting on their own internal issues will only backfire.
@fbermingham@Aligarciaherrer In recent years, entangled in the Russia-Ukraine conflict and high inflation, Europe has seen many of its mid-tier industries lose competitiveness against China, particularly in sectors like environmental protection and batteries sector.