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South China Morning Post
3 days ago
- South China Morning Post
‘Rebalancing' needed in China-Europe relationship, chamber president says
This year marks half a century of formal diplomatic relations between China and the European Union, as well as the 25th anniversary of the founding of the European Union Chamber of Commerce in China. In this entry of our series examining ties between the two powers, Ji Siqi speaks to the chamber's president about business sentiment in a tense period for global trade. Advertisement The president of the European Union Chamber of Commerce in China – the chief non-profit organisation advocating on behalf of the continent's businesses – has said the relationship between Beijing and Brussels has reached a tipping point, encouraging the two to realign their collaborative model and distribute benefits in a more equitable manner. Jens Eskelund said there is a strong perception among the European population that China is taking most of the spoils from bilateral trade, as the EU's manufacturing sector struggles to compete with a glut of cheaper goods. 'When we look back at the past 50 years of the bilateral relationship, it has created enormous value for both sides,' Eskelund told the Post on the eve of the chamber's 25th anniversary. 'Chinese exports have created jobs and wealth in China, and given the average European higher purchasing power. 'Now the question is, if we are in a situation where very intense pressure from China leads to losses for European companies … then, of course it becomes, 'Hang on, why are we doing this?'' Advertisement The relationship between China and the EU has been fraught in recent years, despite continuous dialogue as both sides seek to avoid the sort of full-blown trade war being waged by US President Donald Trump.
South China Morning Post
3 days ago
- South China Morning Post
China's shipbuilding lead endures, but market share dips amid US port-fee threat
China retained its leading position in the global shipbuilding market during the first half of the year, according to data from the industry association, despite a decline in market share caused by buyers' concerns over the threat of US port fees on Chinese-built vessels. It secured 68.3 per cent of new vessel orders in the global market in the first six months of the year, compared with 74.7 per cent in the same period last year, China's shipbuilding industry association said on Monday. The order volume fell by 18.2 per cent, year on year, to 44.33 million deadweight tonnes. Analysts have attributed the decline in market share to a decrease in orders for oil and LNG tankers, but still believe in China's competitive advantages. 'Shipowners are cautious about choosing shipyards for their tanker orders, given the US' prominent role in oil and LNG export,' said Wu Jialu, chief analyst at Citic Futures. Considering that the US port fee targeting Chinese-built vessels is set to take effect on October 14 , Wu said such concern could have a medium- to long-term impact on China's shipbuilding industry. The US, a major oil exporter, reached a record high in crude oil exports in 2024, exceeding an annual average of 4.1 million barrels per day, according to data from the US Energy Information Administration. It also remained the world's largest LNG exporter in 2024, exporting an average of 11.9 billion cubic feet per day, the data showed.
South China Morning Post
3 days ago
- South China Morning Post
China must ensure its green energy leadership is good for the world
New York Times columnist Thomas Friedman wrote in 2007 that 'Green is the new red, white and blue', arguing that the United States could cement its leadership through clean technology. The ensuing decades have seen US political dysfunction turn that on its head. Now in 2025, he argues that US President Donald Trump's ' big, beautiful bill ' will only 'make China great again'. It's not hard to see why he might think that. There is an intimate connection between generation capacity and national economic output. In a world driven by increasingly energy-hungry AI models , large digital infrastructure outlays and traditional industrial processes, abandoning the cheapest form of energy generation yet discovered to defend legacy interests in fossil fuels seems foolish. It has been a truism since the beginning of the 2020s that, per dollar spent on capacity, renewables now beat fossil fuels on price, and renewables are not dependent on a continuous stream of outside fuel at fluctuating prices. In that challenge lies opportunity. In a world plagued by climate instability, energy insecurity and economic uncertainty, the next global leader will be crowned not by war or wealth but by capability and capacity. Delivering on clean energy at scale will be the leading edge upon which these are determined, and China is positioning itself at the centre of this transformation. It is becoming the world's largest producer of solar panels and electric vehicles and underwriting a green revolution that could redefine global governance. As economic historian Adam Tooze recently pointed out during a dialogue at the Centre for China and Globalisation, China has effectively ignited a green energy revolution, forging capacity where there was once only framework and far-off dreams of substitution. In 2023 alone, China installed more solar capacity than the entire world did the previous year, and it's driving down the prices of installations elsewhere. The cost of solar has dropped to just 11 cents per watt of capacity in 2024. As Tooze said, 'Because that dominance – and it is dominance – of so many areas of production, very high quality, very high flexibility, and integration across the entire supply chain and reasonable cost, means that it's difficult for other people to imagine their economic future.'
