The EU and China have established a new high-level consultation mechanism to address growing commercial tensions and the EU's significant trade deficit with Beijing. The mechanism will focus on trade balancing, export controls, IP rights, and WTO reform.
EU and China agreed to use shared trade data to monitor import surges, escalating to political talks if a "red" zone is crossed. EU's Sefcovic reported "intensive, focused and constructive" talks but warned of EU action if meaningful progress isn't made by autumn.
A Chinese scholar argues that global economic adjustments, not just China's industrial overcapacity, are the root cause of trade imbalances. Huang Yiping noted China's progress in reducing its current-account surplus but stressed the need for increased domestic consumption.
Former US Treasury Secretary Henry Paulson advised Washington and Beijing to manage their strategic competition to prevent conflict, warning that distrust is a greater risk than trade imbalances. Speaking in Beijing, he emphasized the need for 'guard rails' amidst intense rivalry.
وزراء مالية مجموعة السبع يناقشون اختلالات التجارة العالمية، إمدادات المواد الخام، تمويل الدول النامية، مكافحة الإرهاب، ودعم أوكرانيا. وزير المالية الألماني يحذر من عواقب الحرب الاقتصادية وإغلاق المضيق.
