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BUDAPEST, Hungary (AP) — When Chinese President Xi Jinping visited Hungary last week, he arrived to one of the few places in the European Union where his country is considered an indispensable ally rather than a rival. By the time he left on Friday, he’d secured deals that provide fertile ground for China’s plans of economic expansion in Europe.
When China’s top leader, Xi Jinping, hosts President Vladimir V. Putin of Russia in China this week, it will be more than two years since the two autocratic leaders declared a “no limits” partnership to push back against what they consider American bullying and interference.
For decades, China has moved methodically to dominate ever more industries, from toys and clothing in the 1980s to semiconductors and renewable energy today. China now produces a third of the world’s manufactured goods — more than the United States, Germany, Japan, South Korea and Britain combined. Its trade surplus in these goods is equal to a tenth of the entire Chinese economy.
A version of this article has also been published by The Korea Times in partnership with the South China Morning Post.
Gopal Nadadur is based in New Delhi as vice president for South Asia at The Asia Group, a strategic advisory firm. Sam Ide is based in Washington as the firm's vice president for China.
A government reshuffle was always in the cards after Russian President Vladimir Putin was sworn in last week as Russia's leader for a fifth term.
The Biden administration announced stiff new tariff rates Tuesday on $18 billion worth of Chinese imports. The White House said the tariff hikes were necessary to protect American industries from unfair competition.
Uber Technologies will acquire the Taiwan business of Delivery Hero-owned Foodpanda for $950 million in cash, as Foodpanda focuses on other markets.