To face China, Europe must “evolve” according to Bruno Le Maire

French Economy Minister Bruno Le Maire spoke at the Rencontre des entrepreneurs de France (REF) organized by Medef to urge an evolution of European economic rules, in order to shape the European Union into a “great economic continent” rivaling global economic powerhouses China and the United States.

In an impassioned tone, Bruno Le Maire declared: “Europe can be the great economic continent of the 21^th century with a carbon-free, fair, united economic model, more enviable than the centralized Chinese model or the American model. » With a focus on decarbonisation and social justice, he underlined the vision of a united and progressive Europe.

Europe back on the front of the stage?

Seizing the opportunity in front of business leaders gathered at the Parisian Longchamp racecourse, Bruno Le Maire stressed that Europe must seize the opportunities offered by generative artificial intelligence and step up its efforts to decarbonize its economy in the face of the challenges of climate change. He insisted that the time had come for Europe to compete with America and China on the world economic stage, while safeguarding European interests.

The Mayor also pointed to the need to review the rules governing trade and investment in Europe. “Let’s change European rules to promote European content, European production, European technologies and European employment”, he pleaded enthusiastically. He called for a radical transformation of standards and regulations to encourage innovation and competitiveness.

The automotive industry at the heart of a new battle

The Minister of the Economy also addressed the issue of subsidies for electric cars, expressing his wish that such aid be linked to environmental criteria. He spoke of the desire to limit Chinese imports through this measure. He nevertheless underlined the complexity of this approach, attributing the challenges to existing European standards which hinder the flexibility needed to protect European interests.

Recall that the Chine and the United States has put in place protectionist measures favoring the purchase of cars made on its own soil. In Europe, it is a little more complicated, even if the Macron government wishes, from 2024, to set up a bonus indexed to the total carbon footprint of a car.

It is a thinly disguised way of promoting the purchase of electric cars manufactured in Europe by subsidizing them, all while removing these advantages from electric cars built on the other side of the world. But the Chinese manufacturers have found the parade: to manufacture their car for the European market in Europe. MG will soon open a factory on the Old Continent, as will BYD.

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