Beijing’s push to dominate technology through state-backed industrial policy is reshaping global trade and could devastate European industry
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mmanuel Macron came back from China in early December empty-handed. The French president’s appeal to his Chinese counterpart, Xi Jinping, to help stop the war in Ukraine was never going to gain traction given Beijing’s unqualified support for Russia.
Urging Xi to address China’s surging trade surplus, the result of the country’s economic and industrial policies, predictably also fell on closed ears.
In any event, Xi’s main concerns were the imminent final politburo meeting of the year and the annual Central Economic Work Conference (CEWC) that followed. Centre stage was the passage of the new 15th five-year plan, due to be presented at the National People’s Congress in March, and what would be needed in 2026 to get it off to a good start.
