In battle with US for global sway, China showers money on Europe’s neglected areas
The struggle between the U.S. and China for global influence has come to Europe’s gritty industrial backwaters, where China is steadily co-opting local economies starting with their railroads.
China overtook the U.S. as the European Union’s biggest trading partner for goods last year, a historic turning point driven in part by Europeans’ hunger for Chinese medical equipment and electronics during the Covid-19 pandemic.
Increasingly, those goods are arriving in Europe through a new trade corridor consisting of railroads, airport hubs and ports built with Chinese support, often as part of China’s Belt and Road Initiative, the giant global infrastructure effort aimed at binding China more closely to the rest of the world.
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SYNDICATED 9 hours ago (Bloomberg) A few years after launching Grab Holdings Inc. in 2012, Anthony Tan got a piece of advice from Jack Ma. The co-founder of Alibaba Group Holding Ltd. told the entrepreneur that life is a tsunami. When you’re up on the wave, get ready for the crash, he said.In 2020, that all came to pass. The coronavirus sent cities across Southeast Asia into lockdown. Demand for ride-hailing, a key business, plunged. Then around.