⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Is romance dead? France seeks new image in China

Published 15/09/2015, 15:50
Is romance dead? France seeks new image in China
CARR
-
CAGR
-

By Michel Rose

PARIS (Reuters) - France's finance minister will attempt this week to persuade Chinese officials to set aside their romantic image of his country and focus instead on its industrial prowess.

"The Chinese often say France is very romantic. That's what you're told 20 times a day when you're in Beijing," a top French official said on Tuesday, two days before minister Michel Sapin begins a trip to Beijing and Shanghai.

"It feels nice at the beginning, but then you dig a little," the source added. "One day I was told French cars were romantic. I asked what it meant, and they said 'not completely reliable'."

Although no major contract is expected to be signed during Sapin's visit, sources said, he will go out of his way to convince Chinese Vice Premier Ma Kai of France's efforts to boost its competitiveness.

Top executives from leading companies Engie, Areva, Credit Agricole (PARIS:CAGR), Carrefour (PARIS:CARR) and PSA Peugeot Citroen will accompany Sapin on the trip, which precedes a visit by President Francois Hollande in November.

France ran a 25 billion euro ($28 billion) trade deficit with China in 2013. Its market share stood at 1.18 percent, compared with 4.8 percent for Germany, official French data showed.

"They think of France in terms of lifestyle, luxury, nuclear technology. But they don't necessarily think about its industrial creativity, its engineers. When you say industrial quality, they immediately think Germany," the source said.

However, Sapin will also have to reassure China over setbacks in the construction of power company EDF's EPR nuclear reactor in Normandy, whose completion was again delayed this month, weighing heavily on the French nuclear industry's reputation.

Two similar EPR reactors are being built in China.

Sapin will also touch upon the role of Paris as an offshore trading centre for China's renminbi, another official said, and brief his counterpart on the situation in the euro zone.($1 = 0.8843 euros)

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.