EU seeks ‘fair competition’ with China

Agency :

The European Union is seeking “fair competition” with China and not a race to the bottom in wages and environmental standards, the bloc’s vice president for the clean transition told AFP on Monday.
Deep frictions exist over economic relations between the 27-nation bloc and Beijing.
Brussels is worried that a manufacturing glut propelled by massive state subsidies could add to a yawning trade deficit and result in a flood of cheap Chinese goods undercutting European firms.
Speaking during a visit to Beijing ahead of a major EU-China summit in the city this month, Teresa Ribera dismissed China’s claims that the bloc was engaging in “protectionism”.
“We Europeans don’t want to go down a race towards low incomes, lower labour rights or lower environmental standards,” said Ribera, who also serves as the bloc’s competition chief.
“It is obvious that we could not be in a good position if there could be an … over-flooding in our markets that could undermine us with prices that do not reflect the real cost,” she said.