China: Brexit Threatens to Tip Scale in Favor of U.S.

According to President Xi Jinping of China, Brexit — a British exit from the European Union (EU) — could leave his country stranded from global free trade…

Not only that, China fears a Brexit will grant the United States more free-trade market dominance.

President Xi made no bones about his views on a Brexit when he visited the UK to make $61 billion-worth of trade deals in October 2015. One such transaction included granting China a one-third stake in a French-led project to build a new $34 billion nuclear power station on the remote hillsides of Somerset, England — a venture that banks on Britain's foothold in the EU.

On the last day of his trip, Xi urged the citizens of Britain to choose to "remain" in the EU when they take to the polls on June 23.

"China hopes to see a prosperous Europe and a united EU," his ministry stated, according to Financial Times, on Oct. 23, 2015, "and hopes Britain, as an important member of the EU, can play an even more positive and constructive role in promoting the deepening development of China-EU ties."

 

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By MONEY MORNING STAFF REPORTS

Image credit: englishblog.com

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