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The China factor
A further factor is the unwillingness of the political elites and the
Brussels institutions to recognise the downside of globalisation
and particularly their elites to act on China’s trade piracy. In
2001, China joined the World Trade Organisation (WTO).
Beijing was supposed to commit to opening up its markets,
ensuring fair and non-discriminatory market access, establish a
robust rule of law system and an open and commercial banking
system. It did none of this. The Chinese market is in fact more
difficult to access today than a decade ago.
Meanwhile Chinese state owned banks provide advance loans
on no rational commercial basis to state owned enterprises.
The aim instead is to maintain employment and avoid social
and political stress, whatever the negative consequences there
are for any other part of the global economy. The consequence
can be seen across a range
of manufactured goods. For
example, since 2004, global
steel capacity has surged
57%, 91% of that increase
is Chinese. China, now, is
responsible for 50% of global
production, and produces ten
times more than the US. Similarly, it is responsible for 50% or
more of global production of flat glass and aluminium.
Both the EU and the US have been reluctant to challenge China,
and take effective trade defence measures to protect their own
industries and people. Although the US have been more robust
in deploying anti-dumping duties than the EU. It passes belief
that the EU even now is considering granting China market
economy status, despite that country’s unwillingness to comply
with WTO standards and its dumping on global markets.
The failure of the EU to recognise and deal with Chinese
unwillingness to comply with WTO standards and apply robust
trade defence measures in response has had a damaging effect
on industrial employment across Europe. There is unfortunately
a significant degree of truth in Marine Le Pen’s argument that
the European working classes have been abandoned by the
European elites. This sense of abandonment also played a part
in the willingness of working class communities across the
UK to come out and vote to leave the EU as it explains their
decision to throw their lot in with the FN in Franc


Original text

The China factor
A further factor is the unwillingness of the political elites and the
Brussels institutions to recognise the downside of globalisation
and particularly their elites to act on China’s trade piracy. In
2001, China joined the World Trade Organisation (WTO).
Beijing was supposed to commit to opening up its markets,
ensuring fair and non-discriminatory market access, establish a
robust rule of law system and an open and commercial banking
system. It did none of this. The Chinese market is in fact more
difficult to access today than a decade ago.
Meanwhile Chinese state owned banks provide advance loans
on no rational commercial basis to state owned enterprises.
The aim instead is to maintain employment and avoid social
and political stress, whatever the negative consequences there
are for any other part of the global economy. The consequence
can be seen across a range
of manufactured goods. For
example, since 2004, global
steel capacity has surged
57%, 91% of that increase
is Chinese. China, now, is
responsible for 50% of global
production, and produces ten
times more than the US. Similarly, it is responsible for 50% or
more of global production of flat glass and aluminium.
Both the EU and the US have been reluctant to challenge China,
and take effective trade defence measures to protect their own
industries and people. Although the US have been more robust
in deploying anti-dumping duties than the EU. It passes belief
that the EU even now is considering granting China market
economy status, despite that country’s unwillingness to comply
with WTO standards and its dumping on global markets.
The failure of the EU to recognise and deal with Chinese
unwillingness to comply with WTO standards and apply robust
trade defence measures in response has had a damaging effect
on industrial employment across Europe. There is unfortunately
a significant degree of truth in Marine Le Pen’s argument that
the European working classes have been abandoned by the
European elites. This sense of abandonment also played a part
in the willingness of working class communities across the
UK to come out and vote to leave the EU as it explains their
decision to throw their lot in with the FN in Franc

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