•   
  •   
  •   

World China, not the United States, is now Europe's biggest trading partner for goods

20:58  17 february  2021
20:58  17 february  2021 Source:   cnn.com

Russia Fast Facts

  Russia Fast Facts See CNN's Russia Fast Facts for a glimpse at the Russian Federation, which is the largest country in the world, covering more than one-ninth of the earth's land area.Here's some background information about Russia. The Russian Federation is the largest country in the world, covering more than one-ninth of the earth's land area.

Europe is now trading more goods with China than the United States, a sign of how the pandemic is transforming the global economy.

a construction site: CHENGDU, CHINA - FEBRUARY 01: Aerial view of containers sitting stacked at Chengdu International Railway Port on February 1, 2021 in Chengdu, Sichuan Province of China. (Photo by Jiang Hongjing/VCG via Getty Images) © Jiang Hongjing/VCG/Getty Images CHENGDU, CHINA - FEBRUARY 01: Aerial view of containers sitting stacked at Chengdu International Railway Port on February 1, 2021 in Chengdu, Sichuan Province of China. (Photo by Jiang Hongjing/VCG via Getty Images)

Data released this week by the European Union's statistics service attributed the shift to a 5.6% increase in imports from China in 2020 and a 2.2% increase in exports. Meanwhile, there was a "significant drop" in trade with the United States, with imports plunging 13.2% and exports falling 8.2%. The overall value of EU-China goods trade last year was €586 billion ($706 billion), about €31 billion ($37 billion) more than between the European Union and the United States.

As U.S., U.K. Converge on China, British Lawmaker Says 'Golden Era Is Over'

  As U.S., U.K. Converge on China, British Lawmaker Says 'Golden Era Is Over' An "awakening" to the challenges posed by Beijing has caused a shift in attitude in the United Kingdom, says Tom Tugendhat, chair of China Research Group.Echoing recent sentiments expressed on Capitol Hill, Tom Tugendhat, who chairs the British Parliament's Foreign Affairs Committee, said there had been an "awakening" in the U.K. to the many irreconcilable practices of the Chinese government.

China's economy expanded 2.3% last year as it raced to recover from the pandemic, while the United States saw output shrink 3.5%. That allowed China, the world's second largest economy, to increase its clout.

Daniel Gros, a fellow at the Center for European Policy Studies, said the switch shouldn't come as a surprise given China's command of global industry.

He emphasized, however, that Europe's ties to the United States remain very strong. While headline changes look at total trade in goods, the European Union continues to export much more to the United States that it does to China, generating a significant number of jobs, he noted. The data also doesn't take transatlantic trade in services into account, which is worth about €494 billion ($595 billion) a year.

Beijing's 2008 Olympics were a soft power victory for China, but 2022 may be another story

  Beijing's 2008 Olympics were a soft power victory for China, but 2022 may be another story As the sound of fireworks rang out over Beijing to mark the close of the 2008 Summer Olympics, China's leaders could have been forgiven for breathing a sigh of relief. © Ezra Shaw/Getty Images AsiaPac/Getty Images A welcome message is displayed during the Opening Ceremony for the 2008 Beijing Summer Olympics. Remembered today as an event in which record-breaking sporting achievements were matched only by the spectacular pageantry and organization of the Games, the success of the Beijing Olympics was no sure thing.

"The overall transatlantic relationship remains much, much stronger than the one between Europe and China," Gros said. "It's much deeper because it has [much] more cross-[border] investment [and] transnational companies in a way you do not have with China."

Still, Brussels is looking to deepen its economic relationship with China, despite viewing the country as a "strategic competitor" and "systemic rival."

Europe shares US concerns about Beijing's trade and technology practices. But late last year, it finalized an investment agreement with China aimed at boosting market access.

The European Commission said it laid down "clear obligations on Chinese state-owned enterprises," which are often heavily subsidized, and established rules against forced technology transfers.

The deal still generated friction with the United States. Jake Sullivan, who is now President Joe Biden's national security adviser, urged EU leaders to address shared concerns about Beijing with the incoming administration.

Changing trading dynamics could complicate Biden's efforts to reset relationships with allies and build a global coalition to hold China to account.

Gros, however, said the full text of the EU investment agreement ultimately lacked substance. He advised the Biden administration to look beyond the headlines, and see that the content of the deal, which took seven years to negotiate, changed "very little."

"Before that agreement, the EU was already open to China, so what concessions could it offer? None," he said. "So what concessions could you expect China to make?"

China Ship Armed With Autocannon Enters Japanese Waters, Harasses Fishing Vessel .
It was the first time an armed Chinese coast guard vessel had been sent into the waters of the Japan-controlled Senkaku Islands since Beijing enacted its controversial Coast Guard Law earlier this month.The Chinese government vessels joined two other China Coast Guard ships that had entered and remained in the contiguous zone adjacent to the waters of the Japan-controlled Senkaku Islands on Monday, said Japan Times.

usr: 0
This is interesting!