The European Union has taken certain steps to what it says guard against economic competition from China that it deems unfair.China’s growing economic ascendency is the main reason behind a slew of allegations against it. The same reason has pitted China against the US in the shape of a protracted trade war between the two countries. Europe must be thankful to China for lending to it helping hand after the continent was reeling from the shocks of the global financial crisis in 2008. In other words, China insulated the European countries from the break out of hyperinflation. One of the steps that China took in this regard was uninterrupted supply of goods on pretty cheap rates. Europe stands to lose more than China in the event of a trade war.

Sajid Hasan (Karachi)

Copyright Business Recorder, 2021