Peter Kinsella: The clock is ticking on European industry
French President Emmanuel Macron recently visited China on an official state visit. The Financial Times reported that Macron’s central message was of mounting fear in European capitals that “China’s export-driven economic model poses an existential threat to their own industries”. These concerns are well-founded. A combination of stifling European bureaucracy and overregulation has resulted in a material decline in capital expenditure in Europe. European industrial companies have started opening operations in countries with lower energy costs and easier regulatory burdens – leaving domestic industry to wither. Fierce competition from abroad has also played a role – not least from China,…
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