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Macron Warns of USD1.14B Daily Trade Deficit With China
(MENAFN) Emmanuel Macron issued a stark warning Wednesday that Europe's reliance on China and fossil fuels is eroding its economic standing, and he demanded tougher trade protections and heavier investment.
Speaking in Spain, the French president laid out a plan to protect the continent's competitiveness: stimulate innovation, cut regulatory red tape, raise financing and shield European manufacturers from unfair competition.
He argued that Chinese goods have overwhelmed European markets.
“China has completely flooded the European market. For decades, we told ourselves: ‘Wonderful, China is a huge market for us Europeans. We need China.’ That is true. We transferred a great deal of technology, we sold a great deal, and we still do to some extent.”
Macron accused Beijing of pouring heavy subsidies into its companies and of dumping goods to drive rivals out of business. He put a figure on the imbalance:
“Today, as we speak, we Europeans run a trade deficit with China of €1 billion every day.”
To counter the pressure, he called for faster investigations by the European Commission, stronger trade defense instruments, and rules requiring imports to meet the same standards imposed on European producers.
He also cautioned that cutting carbon emissions has not shielded Europe from energy risk.
“Today, we remain heavily dependent on fossil fuels. We can clearly see this with what is happening in the Strait of Hormuz, which poses a problem for our economic models. Even countries that have made substantial progress in decarbonisation, such as Spain and France, each following its own path, still have these dependencies.”
He urged stronger electricity interconnections and greater investment in artificial intelligence, quantum technology and defense.
Macron then turned to Europe's finances, saying the continent's savings advantage is going to waste.
“We Europeans have more savings than the Americans. Those savings go into our banks and insurance companies. Because we introduced extremely restrictive rules following a financial crisis that originated with American market participants, we overregulated our banks and insurers.”
He called for loosening financial rules so that savings can flow into investment. He also pressed for a stronger EU budget and deeper integration of the single market.
Speaking in Spain, the French president laid out a plan to protect the continent's competitiveness: stimulate innovation, cut regulatory red tape, raise financing and shield European manufacturers from unfair competition.
He argued that Chinese goods have overwhelmed European markets.
“China has completely flooded the European market. For decades, we told ourselves: ‘Wonderful, China is a huge market for us Europeans. We need China.’ That is true. We transferred a great deal of technology, we sold a great deal, and we still do to some extent.”
Macron accused Beijing of pouring heavy subsidies into its companies and of dumping goods to drive rivals out of business. He put a figure on the imbalance:
“Today, as we speak, we Europeans run a trade deficit with China of €1 billion every day.”
To counter the pressure, he called for faster investigations by the European Commission, stronger trade defense instruments, and rules requiring imports to meet the same standards imposed on European producers.
He also cautioned that cutting carbon emissions has not shielded Europe from energy risk.
“Today, we remain heavily dependent on fossil fuels. We can clearly see this with what is happening in the Strait of Hormuz, which poses a problem for our economic models. Even countries that have made substantial progress in decarbonisation, such as Spain and France, each following its own path, still have these dependencies.”
He urged stronger electricity interconnections and greater investment in artificial intelligence, quantum technology and defense.
Macron then turned to Europe's finances, saying the continent's savings advantage is going to waste.
“We Europeans have more savings than the Americans. Those savings go into our banks and insurance companies. Because we introduced extremely restrictive rules following a financial crisis that originated with American market participants, we overregulated our banks and insurers.”
He called for loosening financial rules so that savings can flow into investment. He also pressed for a stronger EU budget and deeper integration of the single market.
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