On the economic front, the relationship between Europe and China will need rebalancing, de-risking and a diplomatic boost when it comes to climate change and environmental issues, Von der Leyen argued.
She started by complimenting China as great global civilization that over the past 50 years has become a great global power.
But her praise quickly gave way to criticism, as she accused Beijing of operating outside of international rules and flooding global markets “with subsidized overcapacity — not just to boost its own industries, but to choke international competition.”
China runs “the largest trade surplus in the history of mankind,” she went on to say, while European companies were finding it harder to do business on the Chinese market where they faced systematic discrimination.
The increasing barriers faced by European companies in China include requiring foreign companies to keep localized staff; host research and development functions; and keep all IT data in the country, according to an EU Chamber of Commerce in China survey.
“I’ve always said it: Europe is fully committed to result-oriented engagement with China,” von der Leyen said, calling on Beijing to engage in a meaningful dialogue that leads to actual change. “If our partnership is to go forward, we need a genuine rebalancing.”
