The second China shock is coming – and the UK’s response is too timid | George Magnus

Beijing's push to dominate technology through state-backed industrial policy is reshaping global trade and could devastate European industry

Emmanuel 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.