Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-10-08-Speech-2-562-000"
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"en.20131008.42.2-562-000"2
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"Mr President, investment, in its simplest form, is the deferral of present consumption in order to facilitate production that will enable greater enrichment in the future. If the people deferring present consumption are the ones to benefit from the future enrichment, all is well and good. However, if the deferred consumption is used to facilitate more efficient production and greater enrichment elsewhere, there has been a mismatch.
That sums up the investment relationship between European countries and China. Europe invests nearly seven times as much in China as China does in Europe. Europe is deferring current consumption to make China a more efficient producer and – of course – competitor.
Most of the arguments about trade with and investment in and from China have concentrated on the level playing field argument: a removal of tariff barriers, getting China to improve working conditions, paying attention to environmental concerns and ending counterfeiting. No attention has been paid to the question of whether we should be helping a potentially enormous emerging economy to compete with the developed world for scarce resources, compete with our industries and, possibly, direct its newfound industrial wealth into even greater military capability. The West insists on being globalist – to its own detriment – when dealing with China which, whatever its lip service to Marxist rhetoric, is in fact an economic nationalist state."@en1
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