"They are taking over our strategic industries."
"They are taking our jobs and our industrial base."
Such old and tired protectionist arguments are being heard around the globe once again. The situation in the U.S. is well-known. Indeed, Peter Navarro, the author of a book and film entitled "Death by China," is now a leading adviser to President Donald Trump .
And the same sentiment is rising in Europe too. In Germany, for instance, the acquisition of robotics firm Kuka by China's Midea Group caused an outcry and months of regulatory delays. This is far from the only example.
I believe that protectionists shouting about the dangers of foreign takeovers are, at best, misguided and, at worst, a serious threat to the very economies they seek to protect.
The dangers of shifting blame
Across Europe, different scenarios are playing out but all point to a deeply misguided attempt to shift blame for internal problems.
Countries such as France and Italy clearly have serious work to do to get their economies back on track and improve living standards. But they have hesitated in carrying out necessary structural reforms. Such reforms are essential to long-term economic health but often painful in the immediate term. With elections looming, it can be much easier to whisper sweet populist nothings into the electorate's ear and blame the problems on someone else.
Germany faces a somewhat different situation; its economy is far more robust but we see wider geopolitical factors at play. Last October, the German government withdrew clearance for the planned takeover of chipmaker Aixtron by Fujian Grand Chip Investment. Of course, Chancellor Angela Merkel too faces rising political challenges, both from Alternative for Germany on the right, as well as from a resurgent left, following the recent change of leadership in the Social Democratic Party.
As we find ourselves in a time of uncertainty and are witnessing a clear rise in populism, we must beware. To appease the populists, or even adopt key elements of their agenda, would simply worsen the situation.
In seeking to scapegoat China as a means to deal with other challenges, the leaders of the three largest economies in the euro zone are in danger of making an historic mistake.
Why China is key to the survival of the EU project
For the first time in its history, the European Union is being openly challenged from both Moscow and Washington – and then there are the problems from within. Because no sovereign state has left the EU before, Brexit is a minefield for all concerned.
At present, China, alone among the big powers, is the one unambiguous friend of the EU and of greater European unity. This is despite the fact that there are a number of bilateral issues to be worked through between Beijing and Brussels, including market economy status, steel exports and the arms embargo, which affects a whole number of goods and technologies deemed to be of dual use.