France lobbies EU to restore trade balance between Europe and China

France believes that the influx of Chinese products into the European market poses an economic threat and will lobby the EU to take measures to rebalance trade with China based on environmental standards.

French Finance Minister Bruno Le Maire will discuss options with German Deputy Chancellor and Economy Minister Robert Habeck and Italian Industry Minister Adolfo Urso in Paris next Monday. Later on the same day, Le Maire will meet with Chinese Commerce Minister Wang Wentao.

Le Maire said: "We must show our strength to our economic opponents. The era of joyful globalization is over. Everyone should wake up. The era of competitive globalization has arrived."

Le Maire said Europe needs "rebalancing tools" to better defend its economic interests and avoid being caught between U.S. protectionism and Chinese interventionism.

He said action must be taken as China produces large quantities of semiconductors, electric vehicles and solar and wind energy equipment that it seeks to sell to the EU.

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