China and the EU: Building a Reciprocal Relationship

A three-nation European tour by the Chinese vice-premier underscores China’s critical role for the continent’s economy. “China, in short, has become Europe's rescuer,” writes Doug Saunders for the Globe and Mail. China easily directs its reserves to buy up bonds from countries in shaky financial condition. In return, China wants the European Union to open its markets to Chinese exports. It also requests other favors, notably the undoing of a ban on arms sales to China in place for two decades since the Tiananmen Square tragedy. The EU has signaled a willingness to comply, angering the US and raising concerns about arming a rising military power. The economic crisis has shifted the global balance of power, and countries adjust strategies, seeking advantages in a changing global reality. – YaleGlobal