Donnerstag, 17.10.2019 17:10 Uhr

EU, 70 years of PRC and the rise of Asia

Verantwortlicher Autor: Carlo Marino Rome, 01.10.2019, 12:41 Uhr
Nachricht/Bericht: +++ Politik +++ Bericht 2746x gelesen

Rome [ENA] Ursula von der Leyen has put forward her proposed new team for the European Commission and it is expected that the new EU Commission will start its work on 1st November 2019, one day after the current Brexit deadline. Nowadays the European Union is the world’s trading superpower. EU trade policy opens up opportunities and access for European companies to sell their goods and services around the world.

It creates growth and jobs in Europe. Trade is more than simply the exchange of goods and services, it is also a strategic asset for Europe. It allows to build partnerships, protect the EU market from unfair practices and ensure that European values and standards are respected. The European Union has to face in the next years more and more the rise of Asia as an Economic superpower and the latest Global Financial Centres Index (“GFCI”) issued earlier this month by the China Development Institute in conjunction with Z/Yen Group highlights the ranking of global financial centres and the score based on several parameters, such as the business environment, the human capital, the level of the infrastructure, the financial sector development

https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/ and the reputation. The index analyzed 114 financial centres of which 104 are now in the main index using quantitative measures provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations. The Asian financial centres performed well, with six centers among the TOP 10 in the index being located in Asia. Hong Kong confirms its third position after New York and London, followed by Singapore.

Shanghai, the first financial centre in China Mainland, is just 12 points behind world number 2 London (773) which dropped 14 points in the last six months, with a no-deal Brexit a near inevitability it seems likely that London will fall further down the rankings and soon be surpassed by Shanghai. Other Chinese cities are emerging as global centres: besides the TIER-1 cities as Beijing (7th), Shenzhen (9th), Guangzhou (23rd), the GFCI highlights the rising of Qingdao (33rd), Taipei (34th) and Chengdu (73rd).

There have been many changes in how world economy is perceived over the last 18 months, because of the US vs. PRC so called “Trade War” and this news is in relation to the fact that Peoples Republic of China has just celebrated today 70 years of Communist Party rule. And the impact of the “Trade War” on financial market is reflected in the increased caution of investors.

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