Beijing blackmails Europe

In exchange for investing in struggling Eurozone countries China has unabashedly demanded that it be "recognised as a market economy", but Europe shouldn't allow itself to be blackmailed by Chinese Premier Wen Jiabao, writes the liberal-conservative daily Die Presse: "What does Wen mean mean when he calls on the EU to 'recognised China as a market economy'? This is a clumsy attempt to secure privileges for his country in the event of trade conflicts. This would make it less easy to take legal action against dumping and yuan manipulation under the rules of the world trade organisation. But in 2016 China will have acquired this status anyway. And it would be foolish to make hurried concessions to our 'friend' before then because the acceptance of the WTO is the last thing China can afford to lose. Its export boom relies to a large extent on its membership in this association of free and fair trading."

» full article (external link, German)
More from the press review on the subject » International Relations, » Trade, » Financial Markets, » Europe, » China
All available articles from » Karl Gaulhofer

» To the complete press review of Thursday, September 15, 2011