China's Self-Reliance Drive Pushes Europe's Trade Deficit Past $1 Billion a Day
Updated
Updated · The New York Times · Oct 7
China's Self-Reliance Drive Pushes Europe's Trade Deficit Past $1 Billion a Day
2 articles · Updated · The New York Times · Oct 7
Summary
Europe’s trade deficit with China now exceeds $1 billion a day, with China shipping six containers of goods to Europe for every one it receives back.
That imbalance has more than doubled in China’s favor over five years as Beijing expanded domestic manufacturing under its self-reliance strategy, replacing imports with homegrown production.
European consumers and companies still rely on Chinese factory output, while China increasingly buys less from Europe because it now produces a wider range of goods itself.
The widening gap reflects a longer campaign by Beijing to reduce dependence on foreign suppliers and shield the economy from potential tensions with Western countries.