Chapter 15: Between China and the USA: Which Future and Strategies for EU-based Enterprises?
15. Between China and the USA: which future and strategies for EUbased enterprises? Benjamin Coriat Over the last 25 years, the emergence of China as a new global player has put its international trading partners in a new position. To face the challenges posed by the new giant, they need to draw up and implement new strategies. This is especially true for the EU and its Member States, which occupy speciﬁc positions vis-à-vis China. This chapter outlines what can be done to face this new giant. The argument is divided into two sections: in the ﬁrst I provide some basic data regarding the relative position of the US and the European Union (EU) visà-vis China, highlighting some speciﬁcities of the European situation; the second, which is based largely on previous work in this ﬁeld, provides a brief assessment of the competitiveness of EU-based ﬁrms. This is followed by some concluding remarks. 15.1 THE US AND THE EU VERSUS CHINA: SOME BASIC DATA Chinese Macroeconomic Performance Let us recall three aspects of recent Chinese economic growth. First, we must recognize, in light of the impressive performance of the Chinese economy – an average 9.5 per cent rate of gross domestic product (GDP) growth over the last 20 years – that this is an exceptional case, even among the ‘tigers’ and ‘dragons’ of Asia. Second, this performance has been achieved through a continuous reform process, which aims to promote a transition from a fully centrally planned economy to a so-called...
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