Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-09-06-Speech-3-340"
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"en.20060906.23.3-340"2
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"Mr President, Commissioner, according to the official statistics of the Chinese national statistics office, the rate of growth of the Chinese economy for the whole of 2005 has been revised from 9.9% to 10.2%, due to faster growth in industrial activity and the services sector.
At the same time, the Central Bank has decided to increase the lower limit on deposits in foreign currency from 3% to 4%, with the ulterior motive of limiting the supply of dollars, given that the country has exchange reserves of EUR 941 billion.
Chinese products, due to their low cost and exchange parity have a comparative export advantage. China is the biggest consumer of electricity in the world and the third biggest oil importer, which makes it the regulator of energy policy and of economic development at international and regional level. It is a development scenario which is an unobtainable dream for Europe and the United States.
However, the European Union must not under any circumstances deal with the emergence of China in global trade and the economy as a threat, but as an important new market which offers new possibilities and important opportunities for the economic development and strengthening of the European market itself. It suffices if this is demonstrated and sought in agreements and with specific policies. I think you will find the European Parliament agrees with your reference to the policies and tactics of the European Union and I would like, on behalf of the Socialist Group in the European Parliament, to welcome this political move by the Commission.
We need to put at the centre of a cooperation agreement with China the further opening up of the Chinese economy to European companies, something which requires legislative and administrative regulations. Recent announcements by the Chinese Government about increases in the capital which investors are allowed to hold in domestic companies and the anti-monopoly bill are particularly positive steps in this direction.
Commissioner, our future strategy should not be based on a colonial attitude or 'trade war' practices, but should protect the interests of European citizens, companies and workers by promoting cooperation and dialogue with the Chinese authorities."@en1
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