FirstFT: EU ministers suggested to take harder line on China

The EU should toughen up towards 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 menace defences, diversify provide chains away from China and deepen ties with Indo-Pacific powers, in response to a paper from the EU’s international service.

“China has turn 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 greatest to answer 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 isn’t going to alter”, mentioned a senior EU official. “In brief, transferring to a logic of all-out competitors, economically but in addition politically.”

The paper underscores a major 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’ve to issue within the severe occasions which have occurred over the previous yr.”

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

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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 economic system suffering from meals and gasoline shortages. This would be the third settlement between Tunisia and the IMF since 2013.

The day forward

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

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

Financial knowledge Italy releases a September client worth index.

International Affairs Council meets EU international ministers meet in Luxembourg to debate the conflict 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, might be introduced at a ceremony in London. (The Booker Prizes)

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