China vs. EU—East Meets West
Two massive markets dominate the globe today—the European Union and China. Neither can at the moment survive without the other. This is a comparatively recent phenomenon that, given the normal pace of history, has developed quite suddenly in the wake of the rapidly descending power and influence of the Anglo-Saxons.
The 19th century saw Great Britain dominate world trade. Following World War i, America rapidly ascended to global dominance in trade, a situation that was to persist till the late 20th century. From the mid-20th century onward, competition from Japan sliced heavily into Anglo-American global market share. In the last decade of the 20th century, a united Germany powered the European Union into position as the most dominant trading bloc in the world. Then, a few months ago, China just edged the EU off its pinnacle.
Now, these two great markets are becoming mutually dependent on each other in order to maintain their present growth and economic standards—at the expense of the rapidly fading Anglo-Saxon emporium.
China’s view of the ascendancy of the EU was summed up in a strategic policy paper published in 2003. The Telegraph.co.uk reported (Oct. 14, 2003):
The European Union is the world’s rising superpower, poised to overtake both the United States and Japan as the biggest trade and investment force in China, according to a strategic policy paper published by Beijing yesterday.
The Chinese government said the European Union was transforming the global landscape with its successful new currency and strides toward a joint foreign policy and a defense and judicial union. Describing EU integration as “irreversible”, Beijing marveled at Europe’s 25 to 35 percent share of the global economy and its projected 450 million population ….
The Chinese strategy paper pulled no punches when considering the effect of any China-EU trade nexus on the U.S. in particular (ibid.):
The white paper follows a flurry of Sino-European ventures, including the Galileo global satellite system, described as a direct challenge to the American [Global Positioning System] monopoly in space.
The two sides are also working together on nuclear research. France and Germany have been pushing hardest for closer ties with China, hoping to cash in on a lucrative market but also to develop a strategic alliance as a counterweight to American power ….
Thus it becomes apparent that trade is not only the reason for warmer relations between China and the EU. There are strategic military interests involved as well, as these two powers vie with each other and with Russia in attempts to fill the global security gap that will eventuate as America’s uncontrollable economic and financial woes lead to the inevitable degrading of its global military presence. The Telegraph.co.uk continued:
Last June, French Defense Minister Michele Alliot-Marie proposed sharing sensitive military technology with Beijing. She called for a softening of the arms embargo imposed on the country after the Tiananmen Square massacre in 1989. …
Yesterday’s white paper said the ever-closer military ties rendered the EU embargo a relic from the last century. China’s efforts to court Brussels reflect a new mood of respect for the union across Asia. India is also rushing to upgrade its ties with Europe, recruiting extra staff to lobby EU officials and [members of the European Parliament].
Seven years after the release of that strategy paper, it has become apparent that the symbiotic relationship since developed between the EU and China has them in lockstep as leaders of the global economy. Apparent troubles surrounding Europe’s “successful new currency,” the euro, have recently served to highlight this.
Last week, as the markets were driven with the spurious fear of impending collapse of the eurozone, China came out in overt support of the EU. Wall Street reacted immediately with a 2 percent gain in the stock index: “Stocks rocketed higher Thursday after China reassured investors it doesn’t plan to sell the European debt it holds. … China’s show of confidence in Europe let the market resume a climb that stalled late Wednesday ….” (Associated Press, May 27).
Other reports last week showed the impact that China and the EU now have on global finance (EUobserver, May 27):
The vagaries of modern-day currency trading and the huge influence of Chinese policy decisions were on full display on Thursday (May 27) as media speculation about Beijing’s foreign reserve strategy caused the euro to see-saw. …
But the euro then recovered during Thursday morning trading after China’s State Administration of Foreign Exchange issued a statement [indicating] “China is a responsible and long-term investor in the investment of foreign exchange reserves and we will always follow the principle of diversification. … Europe was, is and will remain one of the major investment markets for China’s foreign exchange reserves.”
In a statement by EU Parliamentary President Jerzy Buzek also issued on Thursday, he mentioned that China’s increasingly important role in the global economy will be one of the themes he will address when he meets the country’s leaders in Beijing this week.
Buzek declared that “Europe appreciated China’s ‘steady commitment to macroeconomic stability and its recent development,’ but insisted that a multilateral approach to the global problems was needed” (ibid.).
Few understand the great prophetic significance of this strengthening of relationships between the European Union—in particular its leading power, Germany—and the great Eastern trading bloc led by China. Both China and Russia are seeking a closer alliance with the EU as Anglo-Saxon influence wanes globally. This will soon have profound influence on the future of this globe, especially in the Middle East and Eurasia.
Believe it or not, the outcome to this current change in the global order is prophesied in your Bible! Read our booklet Russia and China in Prophecy and tune in to the Key of David television program to hear our editor in chief expound soon on these vital prophecies as they are being played out today. These developing events surrounding the EU and China will soon drastically affect every human being on this planet!