France again Refines China names!

The French Finance Minister attended China-Economic Forum and Financial Dialogues in the capital of China on 29th July 2024. Bruno Le Maire has extended a strong hand towards China by saying that the French government opposes the idea of decoupling and wants close ties with China on the economic stage. 

He defended the French ambition to become an independent major hub for the development and powerful nation, well this versed idea is not new to France’s China deal in Africa and various forum support shows coordination between the countries. Well for the EU and NATO, this is not great news, this leads to speculation of weakening the signs among them.

This was the 9th dialogue where both sides aimed to work in the field of cosmetics, agriculture, health, banking, energy, and investments in electric equipment. In the field of telecommunications, the French side aided China to help them in a non-discriminatory way in terms of its license applications on the basis of laws and national security. 

Interestingly both the countries acknowledged the need for their data protection and breach module. In 2019 Le Monde the French newspaper reported that the cell phone of the President and other 15 dignitaries was on surveillance and there was a potential breach. To the development needs this has earned the 60th year of their diplomatic relations. This is seen as helping China’s relations with the EU.

OLD CHINA FRANCE DEAL 

President Emmanuel Macron visited China in early April along with the EU President and this was seen as a healthy stage for all. In 1964 both the countries resumed their relations and both have been involved in various agreements. In April 18 corporation agreements were signed by 36 French and Chinese representatives.

In 2021 China exported goods worth $47.5 billion whereas France exported goods worth $27.8 billion. In 2022 France became the first country to join China with its infrastructure project in Africa, Eastern Europe and SE Asian countries and the projects were with $1.7 billion. 

It seemed French sided China’s Belt and Road Initiative (BRI) which lost its pace in early 2022 due to the debt trap policy of China. The infrastructure and environmental protection was the key aspect. In Europe Serbia has the highest share of China’s investments followed by Hungary, Huawei has an incredible amount of investment in all.

For China, Europe is the next Africa. 

In countries Rwanda where France and China joins and aim to work countries like India stand firm, Although Asia is the top investor in Rwanda wants and attract investments from Europe, Premier Football club of France like Paris Saint-Germain had ‘Visit Rwanda’ as its sponsor, the deal with similar club of Britain Arsenal took place which was around. $55.2 million for a total of 4 years. 

EUROPE NEED CHINA’S MONEY?

The train from Yiwu (the largest market of wholesales on this planet) to London makes the part of the old East-West Silk Road, which merges well with the Belt and Road Initiative. Chinese Investment has become an inevitable part of Europe’s economy, it includes electricity, football clubs, banking, smartphones, power stations etc. 

Well the once Universal colonial power UK is also abiding to China’s investment, Chinese students make around one fourth of UK’s foreign students. There was a change in the way the Dalai Lama was greeted by the foreign dignitaries after 2016. China has developed Central, East and Southeast Europe (CESEE) quite well, the gatherings in the framework of 16+1 involved various fields of government and unions. 

The way China is showcasing itself as a global power, opposing the US and acting as a dominant investor in Russia as well shows its global reach. When asked about the flooding of Chinese Electric Vehicles in Europe, Le Maire dodged it by saying that France can handle this quite well. Well it is quite clear that Europe is in dire need of China’s money.