Ginevra Aguiari, Francesco Chiacchio, Matteo Falagiarda, Vanessa Gunnella and Emiel Cornelius Marchand
The rapid industrial transformation of China creates an uneven distribution of challenges and opportunities across EU economies. The so-called “China shock 2.0” combines a number of developments in China, including a rapid expansion of high-technology manufacturing, a stronger policy focus on industrial self-reliance and pervasive gains in price competitiveness. While these developments have intensified competitive pressures in some sectors, they may also benefit European economies through lower-cost imports, investment linkages and technological spillovers.[1] The balance of risks and opportunities differs across EU countries, reflecting differences in sectoral specialisation, integration into manufacturing value chains and exposure to sectors in which Chinese firms have rapidly expanded. Understanding this heterogeneity is important from a broader EU perspective, as asymmetric exposure to global shocks can have implications for competitiveness, investment and growth, as well as for macroeconomic convergence and the functioning of the monetary union.
Πηγή: ECB Economic Bulletin, Issue 6/2026