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EU Internal Market Commissioner warns against naivety towards China

2022-12-02T07:01:58.042Z

In Europe, the realization is beginning to prevail that too close economic ties to China are associated with risks. EU Internal Market Commissioner Thierry Breton has now also urged caution.



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Internal Market Commissioner Breton: Largest democracy in the world

Photo: Virginia Mayo / dpa

EU Internal Market Commissioner Thierry Breton calls on Europeans to be more self-confident in their dealings with China.

»We can no longer be naïve when dealing with China.

Economic dependency can be used as a weapon," Breton told the newspapers of the Funke media group and the French newspaper Ouest-France, according to a preliminary report.

The European single market is of the utmost importance for China.

If access were denied, it would be a disaster for China.

The French EU Internal Market Commissioner urges caution when it comes to Chinese state-owned companies participating in critical infrastructure in Europe.

Holdings of less than 25 percent, as is the aim at the Hamburg port terminal, are justifiable.

»Above this threshold, a financial investment turns into a strategic investment.

We should avoid that.«

Dealing with China is about a balance of power.

»Europe is a very important continent – ​​the largest democracy in the world.

The more united we are, the stronger we are,' said Breton.

The federal government assesses the relationship with China in a similar way to Breton and has already drafted guidelines for future strategy.

At the beginning of the week, a paper from the Ministry of Economic Affairs became known, which stipulates extensive requirements for German companies doing business in China and the exclusion of providers from authoritarian states from the critical infrastructure.

In a 104-page paper classified as confidential, the German government's previous support for German companies in China is also questioned.

The "Internal China Policy Guidelines" of November 24 called for a significant reduction in dependency on China.

At least a complete decoupling from the largest German trading partner is rejected.

mike/Reuters

Source: spiegel

All business articles on 2022-12-02

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