German media: Europe's dependence on China has not only failed to decrease, but has become even more severe

The "Business Daily" guest commentary wrote that at the beginning of 2023, European Commission President von der Leyen called for Europe to unite and push forward a "de-risking" strategy towards China. Von der Leyen believed that this dangerous economic dependence would undermine Europe's industrial base. However, after two and a half years, Europe's dependence on China has not decreased, but has become even more severe. The commentary titled "The Costly Economic Dependence" wrote:

"Although EU countries agree with the de-risking plan, they have not developed and implemented the necessary political measures."

As to why European countries have not taken necessary actions in recent years, the reasons are multi-faceted. First, the EU had to face more pressing issues: such as the Russia-Ukraine war and Trump's tariff policies. In addition, the EU is a union of 27 member states, and any political decision-making requires a long and painful process. And countries such as Germany did not take the lead, but instead constantly hindered the EU's de-risking efforts. For former German Chancellor Scholz, the era shift only targeted Russia, not China. But Europe has paid a high price for its caution and procrastination. Every day, for each day without taking action, the EU loses about 500 jobs. Compared with last year, China's trade surplus with the EU increases by 7 billion euros every month."

The two authors of this guest commentary from the "Business Daily" are Agatha Kratz and Noah Barkin. Kratz is a partner and head of the corporate consulting department at the independent research institution Rhodium Group, while Barkin (Noah Barkin) is a senior advisor at Rhodium Group, focusing on Sino-European relations and transatlantic China policy research. The two comment authors believe that the slower the EU's "de-risking" process, the higher the cost and the more serious the consequences:

"At the same time, Europe has been busy drafting new strategies, conducting risk assessments, and establishing various working groups and expert committees to come up with ways to deal with China."

These approaches were well-intentioned, but in reality, they only delayed time. Although the Brussels top leadership made extraordinary efforts, it also wasted a lot of precious time. Now, the EU must quickly and decisively address the economic risks from China.

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To achieve all this, major European countries from Berlin, Paris, The Hague, to Warsaw and Rome must demonstrate political leadership. Competing with China will incur high costs, but the cost of doing nothing may be much higher for Europe's economy, security, and sovereignty."

Original article: toutiao.com/article/1851012020329603/

Statement: This article represents the views of the author."