The chancellor of Germany has urged industry bosses in China to play fair by not overproducing cheap goods or infringing copyright rules. Speaking on a three-day visit to China, where he is travelling with leading business representatives and three government ministers, Olaf Scholz said he, in turn, would encourage the European Union not to be driven by self-interested protectionism, in which governments restrict international trade to help domestic companies. Scholz was seen to be treading a careful path, driven by European concerns that Chinese goods are being dumped on the…
Tag: European Union
Ditching European trade for China and India was ever a poor bet. Now it’s a farce | Will Hutton
The world has changed since, post-Brexit, “Global Britain” set itself to “pivot” from sclerotic Europe towards booming Asia. Always a fanciful idea that disregarded Asian realities, it has now become farcical. Neither China nor India are proving the easy pickings on which “buccaneering” Britain could ride to economic success, denied through being tied to the “corpse” of an EU economy allegedly shackled by regulation and tax. Brexiter ambitions are turning to ashes. Instead, there is China, run by an ever more openly dictatorial and militarily ambitious communist government. Its economy is…
China’s Exports Surge Are Drawing a Global Backlash
China’s factory exports are powering ahead faster than almost anyone expected, putting jobs around the world in jeopardy and setting off a backlash that is gaining momentum. From steel and cars to consumer electronics and solar panels, Chinese factories are finding more overseas buyers for goods. The world’s appetite for its goods is welcomed by China, which is enduring a severe downturn in what had been the economy’s biggest driver of growth: building and outfitting apartments. But other countries are increasingly concerned that China’s rise is coming partly at their…
China offers to deepen security ties with Hungary
China has offered to deepen security cooperation with Hungary, underscoring Budapest’s warming ties with Beijing just as Hungarian officials snubbed a visiting delegation from Washington. Hungary’s prime minister, Viktor Orbán, met China’s minister of public security, Wang Xiaohong, on Friday. In comments published by China’s official Xinhua news agency over the weekend, Wang said he was hoping to “deepen cooperation in areas including counter-terrorism, combating transnational crimes, security and law enforcement capacity building under the belt and road initiative”. The aim, according to the Chinese minister, would be “to make…
From beehive to kitchen table: UK beekeepers call for new law to trace honey’s origin
Britain’s beekeepers are backing proposed new rules to combat fraud in the supply chain, ensuring a jar of honey can be traced on its journey of up to 5,000 miles from the beehive to the shop shelf. The European parliament has agreed new labelling rules and a project to establish a traceability system for honey from harvesting to the consumer. The proposed rules are part of an overhaul of the “breakfast directives”, including the honey directive. Honey producers and sellers in the UK want the rules to be adopted in…
EU proposes sanctions on Chinese firms aiding Russian war effort
The EU is proposing to sanction companies in mainland China for the first time as part of its latest measures aimed at shutting down loopholes that allow Russia to route military technology via third countries to its weapons factories. Three companies in mainland China, as well as four in Hong Kong and one in India, are on a 91-page document of companies and individuals who EU member states want to add to a growing sanctions list before the second anniversary of Russia’s invasion of Ukraine. As the EU, the UK…
Post-Brexit watchdog ‘ready’ to investigate flood of cheaper Chinese electric cars
The head of Britain’s post-Brexit trade watchdog has said it is ready to follow Brussels in launching an investigation into Chinese companies flooding the market for electric cars, but the government has not asked it to do so. Oliver Griffiths, the chief executive of the UK’s Trade Remedies Authority (TRA), which advises the government on trade defence, said it was keeping lines of communication open with ministers and had been in close contact with the car industry. “We’ll be ready to go if anyone does come to us,” he told…
‘Cheaper to save the world than destroy it’: why capitalism is going green
The root of the climate crisis is “not capitalism but the corruption of capitalism”, according to the author of a new book on how people, policy and technology are working to stop the planet from heating. Akshat Rathi, a climate reporter with financial news outlet Bloomberg, argues that smart policies can harness capitalism to cut carbon pollution without killing markets or competition. “It is now cheaper to save the world than destroy it,” he writes, adding that this holds true even when viewed through a narrow capitalist lens. “Capitalism cannot…
Human rights in decline globally as leaders fail to uphold laws, report warns
Human rights across the world are in a parlous state as leaders shun their obligations to uphold international law, according to the annual report of Human Rights Watch (HRW). In its 2024 world report, HRW warns grimly of escalating human rights crises around the globe, with wartime atrocities increasing, suppression of human rights defenders on the rise, and universal human rights principles and laws being attacked and undermined by governments. The report highlights political leaders’ increasing disregard for international human rights laws. The report says “selective government outrage and transactional…
The global economy is poised for another tumultuous year in 2024 | Kenneth Rogoff
The global economy was full of surprises in 2023. Despite the sharp rise in interest rates, the US successfully avoided a recession, and major emerging markets did not spiral into a debt crisis. Even Japan’s geriatric economy exhibited stunning vitality. By contrast, the EU fell behind, as its German growth engine sputtered after China’s four-decade era of hypergrowth abruptly ended. Looking ahead to 2024, several questions loom large. What will happen to long-term inflation-adjusted interest rates? Can China avoid a more dramatic slowdown, given the turmoil in its real estate…