Paris: French President Emmanuel Macron declared on Friday that France and Germany have reached an unprecedented level of alignment on the issue of China, emphasizing the economic challenges Europe faces with Beijing. Macron highlighted a staggering daily trade deficit of £1 billion (approximately $1.15 billion) with China, which he claims results in the loss of thousands of European jobs each day.
According to Anadolu Agency, the French President spoke following a Franco-German Cabinet meeting, asserting that Paris and Berlin now share a unified perspective on China's economic influence. While clarifying that they are not "anti-China," Macron stressed the importance of seeking greater technology transfers from China to bolster European industries, rather than merely importing Chinese products.
Macron pointed out that China subsidizes its companies at a significantly higher rate-eight times more-than countries in the Organization for Economic Co-operation and Development (OECD). He urged the European Commission to expedite the deployment of trade defense mechanisms. Furthermore, France and Germany have tasked their economy, finance, and foreign ministers with drafting a joint strategy on China by September, to include negotiations with Beijing on exchange rates and financial market access.
Addressing Europe's competitiveness, Macron revealed that both nations are committed to simplifying EU regulations, enhancing the single market, and finalizing the Capital Markets Union during the current semester. He emphasized the importance of this project for financing innovative projects in Europe, particularly in fields like artificial intelligence and quantum computing.
On security matters, Macron reiterated that France will independently fund its nuclear deterrent. He clarified that the proposal to extend France's nuclear deterrence to European partners aims to bolster continental security, not to seek financial contributions for France's nuclear arsenal. This move is intended to increase security, create strategic uncertainty for adversaries, and foster deeper operational cooperation with Germany.
Macron also announced that France and Germany plan to support the development of a European savings label and advance the digital euro. Both countries have reaffirmed a common stance on the EU's forthcoming long-term budget, advocating for ambitious policies while ensuring efficient spending. Additionally, they are preparing a Franco-German agreement on key EU industrial and climate strategies.
In conclusion, Macron underscored the shared vision for a decarbonized industry, emphasizing the need for a balanced approach that accounts for international competition while maintaining pragmatic protections.