ition for China's "extending a helping hand." (See pictures of the global financial crisis.)
In trading terms, this might be reflected in the recognition of China's status as a "market economy" when it comes to European Union trade sanctions, a measure that could boost exports otherwise hindered by tariffs. And since the E.U. currently has some 55 anti-dumping measures in place against China, individual member states might also be pushed to ease their stance on future sanctions. Other trade issues might slip from the agendas, to the chagrin of European exporters, who regularly gripe about Chinese rules on foreign ownership, subsidies reserved for Chinese firms, lack of access to the public-procurement market and selective enforcement of intellectual-property rules.
These concerns were already raised in July by the European Council on Foreign Relations, which published a paper titled "The Scramble for Europe" on China's "game-changing" economic presence in Europe. It warned that if China became too involved in major financial, investment and public issues, it would leave the Europeans little leverage to improve their access to the same sectors in China, which are mostly closed or controlled.
The political implications are potentially even more troubling for Europe, which has long considered it a right, even a responsibility, to criticize China on issues like human rights and environmental protection. It could mean, for example, that the E.U. lifts its ban on arms sales to China, imposed in the wake of the 1989 Tiananmen Square massacre, or that the Dalai Lama receives fewer invitations to meet European leaders. Fredrik Erixson, director of the European Centre for International Political Economy, a Brussels-based think tank, says that even if there are no formal trade-offs, Beijing could expect generous favors from Europe after years of what it considers intrusive interference. "China wants something more: international recognition in one way or the other, or a Europe that in Beijing's view stops poking its nose in internal Chinese politics," Erixson says. (See pictures of China's investments in Africa.)
At Cannes, Chinese leader Hu will doubtless refrain from any early commitment on the euro-bailout scheme, while soaking up the flattery from Europe's pleading leaders. But he will be aware that as China consolidates its emergence as a world player, any investment risks in the program would be a small price to pay for the wave of European goodwill it would generate.
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