The severity of the slide into war and its fallout have shocked Europe’s political and corporate establishment
A local man looks into a Russian tank left behind after Ukrainian forces expelled Russian soldiers from the town of Trostyanets which they had occupied at the beginning of its war with Ukraine, March 30 2022. Picture: REUTERS/THOMAS PETER
And while the focus is on Russia, boardroom angst is also stretching to that other emerging-market El Dorado — China — as its ties to Moscow are scrutinised. With relations between Beijing and Brussels already in deep freeze, and a China-European Union summit over a stalled investment agreement on Friday unlikely to improve matters, preparing for a post-war economy increasingly means taking on a Cold War view of the world.
Firms are still keen to highlight China as a strategic market, but some behaviour is shifting. Volkswagen AG, which makes nearly 40% of annual sales in China and as recently as Christmas was calling for more China-EU co-operation, is rethinking its supply chain with “resilience” in mind. Executives talk of reducing business reliance on China by expanding investments in the US and duplicating Ukraine production in countries such as Poland and Romania, the WSJ reported this week.
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