China and EU Hold Economic and Trade Dialogue
Chinese and European Union leaders met during the 10th High-Level Economic and Trade Dialogue in Beijing on September 25. They talked about topics such as export controls, reform of the World Trade Organization, and finance.
Ukraine war: EU Trade Commissioner Valdis Dombrovskis noted the tension between the two as “significant political and economic headwinds.” The strongest of these stems from China’s refusal to condemn Russia for its invasion of Ukraine.
Export control: The two sides agreed to set up a “mechanism” to discuss export controls. “China is willing to increase imports from the EU and hopes that the EU will remove restrictions on the export of high-tech products to China,” said He Lifeng, leader of Chinese General Secretary Xi Jinping’s economic team.
Overcoming barriers: The United States has led efforts to limit exports of the most advanced semiconductor equipment to China, many of which also involve manufacturers in Europe. China recently cut off the world from gallium and germanium, metals that are crucial for semiconductor production. The EU and China said they would consider a “transparency mechanism” for raw materials to resolve these issues.
Prophecy says: Isaiah 23 prophesies of a “mart of nations,” an economic alliance between two major trading blocs: a German-dominated EU and a group of Asian nations. This alliance will play a major role in freezing the United States out of world trade. Watch for China to continue to try to draw Europe away from the U.S.
Learn more: Read “The Great ‘Mart of Nations.’”