FirstFT: EU ministers advised to take tougher line on China

The EU should toughen up against China and see the nation as an all-out competitor with restricted areas of potential engagement, the bloc’s ministers have been suggested forward of talks on recalibrating Brussels’ technique in the direction of Beijing.

The bloc ought to work extra carefully with the US, strengthen cyber and hybrid risk defences, diversify provide chains away from China and deepen ties with Indo-Pacific powers, in accordance with a paper from the EU’s overseas service.

“China has develop into a good stronger international competitor for the EU, the US and different like-minded companions,” mentioned the paper, seen by the Monetary Occasions. “It’s subsequently important to evaluate how finest to reply to present and foreseeable challenges.” These are more likely to “widen the divergence between China’s and our personal political decisions and positions”.

The evaluation “admits that China will not be going to alter”, mentioned a senior EU official. “Briefly, transferring to a logic of all-out competitors, economically but additionally politically.”

The paper underscores a big souring of the EU-China relationship, marked by commerce disputes, tit-for-tat sanctions and failure to seek out areas of mutual settlement.

“That is the second to evaluate . . . And see if our coverage is the appropriate one,” mentioned a second senior EU official. “We have now to issue within the critical occasions which have occurred over the previous yr.”

Thanks for studying FirstFT Europe/Africa. Right here is the remainder of immediately’s information — Will

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2. Ukraine crowdfunds bounty for wished Russian Ukrainians raised $150,000 over the weekend for the capture of Igor Girkin, a outstanding Russian nationalist and former intelligence officer who oversaw the Russian forces that shot down Malaysia Airways flight MH17 in 2014.

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4. Deutsche Financial institution dropped Hertha Berlin over Lars Windhorst hyperlinks The lender determined to ditch the Bundesliga football club as a consumer final yr over its ties to financier Lars Windhorst, after a collection of scandals compelled Deutsche to step up its compliance regime.

5. Tunisia reaches preliminary IMF mortgage settlement The $1.9bn mortgage settlement, which was introduced late on Saturday and is but to be ratified by the IMF board, is designed to alleviate the North African economy stricken by meals and gas shortages. This would be the third settlement between Tunisia and the IMF since 2013.

The day forward

UK A authorities session closes today on a brand new authorized framework for outlined profit pension schemes, together with guidelines for funding and funding methods. The federal government desires schemes to scale back funding danger.

Company earnings Financial institution of America, Financial institution of New York Mellon and Charles Schwab release results. Rio Tinto publishes an operational replace.

Financial knowledge Italy releases a September shopper worth index.

Overseas Affairs Council meets EU overseas ministers meet in Luxembourg to debate the battle in Ukraine, EU relations with China and the upcoming COP27 UN Local weather Change Convention.

Booker Prize The winner of the Booker Prize, the main award for English language fiction, will be announced at a ceremony in London. (The Booker Prizes)

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