EU: von der Leyen says trade deficit with China stands at 1 billion a day; ready to use every available tool
(Il Sole 24 Ore Radiocor) - The European Union’s trade deficit with China has reached almost one billion euros a day and has grown by a further 10 per cent in the first few months of the year. This was stated by the President of the European Commission, Ursula von der Leyen, speaking in Paris at the Medef’s Rencontre des Entrepreneurs de France. “For the first time this year, all Member States are recording a deficit” in trade with China, von der Leyen emphasised. European imports of Chinese goods have risen by 45 per cent over the last five years, whilst EU exports to the Chinese market have fallen. China remains a key economic partner and the European approach continues to be one of “reducing risks, not ties”. However, the President warned that being partners does not mean accepting permanent imbalances. Chinese companies can receive subsidies up to eight times higher than those received by comparable firms in OECD countries. According to some estimates, more than half of European industrial production is now exposed to competition from China.
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