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Tag Archives: Global Economics & Governance

Relocating production from China to Central Europe? Not so fast!

Western European imports from central Europe have fallen dramatically, while imports from China fell much less, and had already recovered to pre-COVID level by April 2020. Central European governments should instigate new measures to foster the transition towards knowledge-intensive economic activities. This article originally appeared in Eastern Focus. The COVID crisis caused a major setback to global trade and disrupted the functioning of global production networks. From the perspective...

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Coronavirus recovery: invest rainy day savings to boost Hong Kong’s economy

The Hong Kong government might want to consider diversifying its economy by using part of the savings earmarked for rainy days. Beyond cushioning the negative impact of Covid-19 on SMEs and households, it is one more reason to spend. This article originally appeared in the South China Morning Post. Hong Kong’s GDP declined by 9 per cent in the second quarter, but this figure should be read in the context of a worldwide collapse in GDP growth during the Covid-19 pandemic. Singapore’s...

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China Has an Unfair Advantage in the EU Market. What Can Be Done to Level the Playing Field?

This article has originally been published in Brink News. The dominance of Chinese state-owned enterprises in China’s domestic market is giving them unfair advantages in the European Union single market as well. The EU Commission recently released a series of recommendations for leveling the playing field regarding foreign subsidies. Unfortunately, while useful, these ideas are unlikely to […] The dominance of Chinese state-owned enterprises in China’s domestic market is giving them unfair...

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The Challenges of the Post-Pandemic Agenda

This opinion piece has previously been published in Project Syndicate. PARIS – There is a growing possibility that the COVID-19 crisis will mark the end of the growth model born four decades ago with the Reagan-Thatcher revolution, China’s embrace of capitalism, and the demise of the Soviet Union. The pandemic has highlighted the vulnerability of […] PARIS – There is a growing possibility that the COVID-19 crisis will mark the end of the growth model born four decades ago with the...

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New challenges to transfers of personal data from the EU to the United States

The judgment not only immediately invalidates Privacy Shield, but may also have the effect, once the dust has settled, of effectively blocking transfers of personal data to the USA using the popular mechanism of Standard Contractual Clauses (SCCs). On 16 July 2020, the Court of Justice of the European Union (CJEU) issued its judgment in a case that is widely referred as Schrems II (CJEU 2020a and 2020b), and the decision is a bombshell! The US and the EU are the world’s largest trading...

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China’s targeted corporate shopping spree to continue, especially in Europe

Expect small, below the radar deals to continue to flourish and, by the same token, Europe to lose part of its edge in industrial technology and other strategic sectors. China’s enthusiasm for overseas acquisitions waned in 2019. The series of negative economic shocks, from the US-China trade war to the tightened regulation of shadow banking, made financing of certain economic activities much tougher, including outward foreign direct investment. The worsening of the domestic and international...

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Can the global recovery be sustained even as the pandemic rages?

The global economy is showing signs of recovery from the economic crisis caused by COVID-19, though the spread of the coronavirus is accelerating in some countries. In this circumstance, policymakers must weigh up the trade-offs involved in dealing with the pandemic while easing lock downs and sustaining economic activity. Differences in age structures, urbanisation rates and other factors will inform decision making in different countries. The incidence of new cases of COVID-19 might be...

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The benefits of the single market – the case of last enlargement

As the Brexit negotiations are entering their final straight line, the question of trade agreements is heating up. Economists talk about the “cost of non Europe”. How much each country has gained from belonging to the EU’s single market? How much would it have missed out on if it didn’t belong to the single market? […] By: The Sound of Economics Date: July 15, 2020 Topic: European Macroeconomics & Governance As the Brexit negotiations are entering their final straight line,...

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The impact economy: balancing profit and impact

Governments and companies can reinforce each other in their pursuit of sustainable development, which is based on three pillars: economic, social and environmental. An impact economy, in which governments and companies balance profit and impact, is best placed to achieve the United Nations sustainable development goals. How can governments and companies be jointly empowered to have a positive impact on the sustainable development goals? The current economic system is largely geared towards...

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Europe’s China problem: investment screening and state aid

China’s state capitalist economy poses a challenge to EU openness to foreign investment. In response, the European Commission 17 June published a White Paper on “levelling the playing field with regard to state aid”, contemplating sensible and balanced policies to protect the integrity of the European single market from subsidised foreign acquisitions. However, against the backdrop of collapsing global capital flows and limited existing FDI from China, there is little risk of excessive...

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