Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-29-Speech-4-047"

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". Mr President, it is wise to bear the facts in mind when discussing the Union’s trade relations with China. The Chinese economy has been growing by 9% a year for the last 25 years. Beijing’s currency reserves currently stand at USD 700 billion, whereas the Union’s are a mere USD 179 billion. The second greatest power in the world is not a democracy, nor does it have a market economy. Together with the ASEAN countries, China is hoping to create a free trade area by 2010, and this would be the largest economic block in the world. China is moving to expand its trade at global level. The Chinese take-over of the US giant IBM is an example of this movement, as is the current Chinese attempt to take over Rover in the UK. As we try to establish what all this means for us, we should consider the situation in the USA, where many jobs have been lost due to the disadvantageous balance of trade with China. Whole branches of US industry have relocated in China, which has become the largest factory in the world. Textiles aside, China is already producing two-thirds of all electronic goods. At present, China is the Union’s second largest trading partner. In 2004 the Union had a trade deficit with China in excess of EUR 78 billion. Unfair competition is possible because China has a Socialist market economy, a type of primitive capitalism that disregards human rights. In the interests of the future of our economy, we should adjust our relations with China. The latter should be deemed a strategic competitor rather than a strategic partner. Strict import quotas on Chinese goods should also be introduced, so as to protect jobs in our countries. Whenever we deal with China we should keep the following question in the forefront of our minds: will there be any jobs left for our children?"@en1

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