G7 countries could lose $650 billion due to China's industrial expansion — Bloomberg
G7 countries could lose up to $650 billion due to China’s growing influence on global industrial production and supply chains.
This is stated in a report by the U.S. Chamber of Commerce, prepared by analysts at the Rhodium Group, according to Bloomberg.
According to the authors’ estimates, this amount is equivalent to approximately 12% of the G7 countries’ manufacturing exports if the current pace of China’s market share expansion continues through 2030.
According to the study, the greatest risks concern the automotive, machinery, and chemical industries.
Analysts believe that Beijing is systematically tightening its control over value chains using regulatory mechanisms and economic pressure.
The report emphasizes that without a coordinated response from developed countries, Chinese industrial policy will continue to undermine the competitiveness of Western economies.
Earlier, China lodged a protest with the United Kingdom over new sanctions against Chinese companies cooperating with Russia.
Prior to this, Chinese authorities had advised their companies to ignore U.S. restrictions against five refineries involved in transactions with Iranian oil.
