The fog of diplomacy at Wednesday's EU-China Summit distracted onlookers from the critical issue facing Europe's future competitiveness: its ability to remain a global power in innovation.
With the event heavily over-shadowed by tension over Chinese currency policy and bilateral trade imbalances, there were no breakthroughs. Moreover, key issues on the agenda such as Beijing's reticence to open Chinese state purchasing procedures to European companies; and the EU's reluctance to recognize China as a "market economy" will not determine the destiny of the European continent anyway—the harnessing and application of knowledge will.
Europe's future as a world-leading innovation hub is already challenged by the rise of China, and the summit took scant measures to address this and seize what should be a very meaningful partnership. If Europe is to retain its economic pre-eminence, it must act urgently now to "lock-in" much greater science and technology-led business collaboration with China.
To read the full, original article click on this link: EU Must Act Fast and Share Knowledge with China - WSJ.com
Author: DIRK JAN VAN DEN BERG
