European claims to review China's industrial policies

China must revise its industrial policies if it wants to avoid more negative reactions and build international economic relations, in light of the unrest of the global trading system as a result of the customs duties imposed by US President Donald Trump, according to a European business group. “Today, we are in a position that requires China to actually reconsider the way it deals with other countries of the world. Industrial policy should be changed,” said Yenos isklond, president of the European Chamber of Commerce in China. Esclond spoke earlier the week before the release of the room report on Wednesday, reviewing the pioneering industrial policy of Beijing entitled “Made in China 2025”. The impact of an initiative in China has helped the initiative to push the economy of China on advanced technology and advanced manufacturing, a success often at the expense of foreign market flooded by cheap Chinese goods. The European Chamber of Commerce, which includes more than 1700 member companies, has always called on China to reform very important industrial and commercial practices, including the demand to provide fair access to the European business market. However, her recent call to reconsider the way of Beijing with other countries has come, while Washington and Brussels continue the dispute over the definitions of customs, while some parties in Europe indicate that the European Union has a more realistic approach in collaboration with China to reduce risks. The economic relations of Europe and China said in the report: “While the United States is an unprecedented state of uncertainty about the future of global economic interdependence, China will be in the European Union to show that it is ready to build an economic relationship in the long term and be beneficial to both parties.” The report suggested that “move away from the framework of the coordinated industrial policy” and return to “daring reforms aimed at the market, which will enable Chinese and foreign companies to compete on an equal footing.” The campaign ‘Made in China 2025’ launched by China ten years ago was the wealth of the economy to dominate some of the most advanced industries in the world, while causing tension with Washington. By last year, China reached global leadership in five out of 13 major technology, followed by ‘Bloomberg Economics’ and ‘Bloomberg Intelligence’, including solar panels, high -speed trains and lithium batteries. China has also achieved rapid progress in seven other technological areas, such as medicine and artificial intelligence, and seeks to catch up to the leading countries. “Only a single superpower in the world, China, is China.” The trade war affects China with the United States trading war on the road to Beijing, as customs duties on most Chinese goods have risen to at least 145%, a level that is likely to push China’s export to contraction this year and affects an important growth car. “One of the consequences of a plan (in China 2025) is that we have begun to see reactions of trading partners- and we are aware of a level of tension that is constantly increasing over the past year.” Nevertheless, almost three months after Trump’s second presidency, the Chinese economy has reached well. The GDP grew by 5.4% in the first quarter compared to last year, according to official data released on Wednesday – which are the best estimates of economists recorded in a “Bloomberg” poll, which amounts to 5.2%. The recommendations of the European Chamber of Commerce said that the European Chamber of Commerce should use a more purposeful and sustainable approach to confidence in the field of technology, while the negative effects may result from the technological policies on economies or markets in other countries. The recommendations for the Chinese government include the following: Benefit the reforms aimed at the market that have led the success of China over the past three decades, while the dependence on the industrial policy that the government imposes directly. And abandon the plans to make self -sufficiency to focus on more accurate measures, with the development of a market that can feel comfortable in foreign investment companies as they pump long -term investments. This avoids increasing the imbalance of the European Union and China and the aggravation of trade voltages by the requirements of “Made in China”. Islund added that Beijing should make more effort to persuade his partners of the benefits of cooperation with the second largest economy in the world. He also explained that some of China’s officials began to realize that current imbalances in the trade could not continue. Beijing included the expansion of domestic demand for a maximum economic priority for 2025, while the country faces the impact of Trump’s definitions and reaches the ambitious growth goal of this year, which is about 5%. Esclond concluded: “People know that things will return to normal or that reality will impose itself in the end.”