søndag 11. april 2021

Beijing keeps cool as landmark EU pact goes on ice

Political feuds between China and Europe are ripping up economic and trade ties and threaten to scupper a comprehensive investment accord that has been seven years in the making.  Yet there appears to be far less worry in Beijing about the fate of the landmark deal than in some European countries and conglomerates that may be bigger beneficiaries.  Beijing’s sanctions against European lawmakers and other political outfits over their words and deeds regarding Xinjiang suggests political toughness now trumps economic gains.

China made its move in March, fully aware of the blowback from the European Parliament which was about to scrutinize and ratify the deal. The tit-for-tat goes on when the five parliament members targeted by Beijing, together with the three dominant political coalitions, have predictably vowed to sink the well-meant deal designed to level the playing field for more access to the Chinese market.