Second China shock tests European portfolios

Europe is losing ground in some industries but still controls crucial technology that China cannot easily replace. Photo: ASML.
Europe is losing ground in some industries but still controls crucial technology that China cannot easily replace. Photo: ASML.
China is no longer merely undercutting European manufacturers. It is replacing them in products Europe once dominated, forcing investors to weigh Chinese champions against European bottlenecks and the political risks attached to both.

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