The European Commission, executive arm of the European Union (EU), presents its strategy this Tuesday to answer the Identified risks to your financial securitywith eyes set especially on the challenges posed by China. EU leaders They will discuss the plans at a summit in Brussels next week..
Last year, before the Russian invasion of Ukrainethe block suddenly realized the magnitude of its dependence on russian energyand had to get underway in a hurry to find a change of course.
In an effort to define the learned lessonsthe Commission now presents its “Economic Security Strategy”what are you looking for define an autonomous approach to China and find a balance between maintain those ties but avoid dependency.
What will the European Commission propose in relation to China?
For a start, the Commission did not describe the strategy as a direct response to China. However, in recent times, the EU has adopted a series of measures to challenge the growing economic power of the Asian giant.
So, the Commission will identify the economic risks for the bloc and solutions to deal with themas well as the measures that already exist, although the matter is still far from generating unanimity.
Some EU countries want avoid a possibility of a trade war with Chinawhile others argue that now is the time to act to protect the bloc’s economic security.
The Commission has already announced plans to boost the production of more clean technology in Europeincluding the critical raw materials needed to make dozens of electrical products.
The president of the Commission, Ursula von der Leyenhad already explained in January that it’s not about disassociating yourself from Beijingbut of eliminate “risks” in this relationship, since the bloc needs to trade with China.
Specifically, the EU fears that critical information about sensitive technologies could end up in the hands of China and the possible national security risks that such a scenario could create.
BusinessEuropehe main business lobby group in the EUurged the bloc to carefully consider European interests and competitiveness “before introducing additional restrictions to exports of goods and technologies and investment flows”.
Source: Ambito
