The writer is the president of the Central Bank of China and the chairman of the European Commission
Maintaining competitiveness is the basis of Europe's future. We need faster economic growth and higher productivity to protect the quality of life of Europeans-from their work and income to their security and benefits.
This is why Europe must take action. Our competitiveness is risky. Although artificial intelligence's global revolution is unfolding, the European Union may find itself outside the field. Our traditional manufacturing champion is losing its global market share. The geopolitical transformation will transform dependence into vulnerability and borne by high energy prices.
Europe must and will find its position in this new world. The prospects of our mainland look better than look. The EU has an advantage that can be established and plans to solve its weaknesses.
Europe has strong economic fundamentals. We have an institution under the jurisdiction of the rule of law, and a independent central bank is committed to stable prices. The inflation rate returns to the European Central Bank's 2 % target, allowing the cost of lending to decline. Public debt and deficit are lower than other major economies.
There are necessary elements in Europe to catch up with technology competitions. The European Union proves that STEM graduates per million residents are almost as many as the United States. This talent has a lot of ideas: Europe's share in global patent donations is close to the United States. We have the money to provide them with funds, saving about 1.3 euros each year.
We have the opportunity to fall in a long -lasting way. The transition of fixed low -cost cleaning energy has entered the right track: By 2030, more than 40 % of our energy consumption will come from renewable energy. And our position is very good, which can become a global hub for clean technology innovation, especially when some countries develop in different directions.
Although others must reduce their dependence by establishing domestic capabilities, the European Union can choose from a wider range of choices due to its unique position in global trade. We are the top trading partners of more than 70 countries. We continue to reach a new agreement and have recently been with 40 billion Latin Americans. In trading with the European Union, what you see is what you get.
However, if Europe is in trouble due to its weakness, these advantages will be meaningless. We need to make profound changes in three aspects.
First of all, we need to make the EU the easier to develop an innovative company. Only one -third of the university patents in Europe are commercialized, and companies that are trying to expand in our single market face many internal obstacles. Although we have saved, entrepreneurs still cannot obtain risk capital because the capital market is still too scattered.
Secondly, we need to make Europe a better place of investment. Two -thirds EU companies said that regulations are the key obstacles to investment, and only 14 % of them are using AI. The company is still facing long -term permit procedures, heavy report requirements, and differences in digital rules.
Third, we need to cheap business in Europe, especially in terms of energy costs. Although the transformation of renewable energy has created good employment opportunities and enhanced energy security and independence, it also brings greater interval and greater energy loss by cutting. In order to appear the benefits of decarburization in the company's bills, we need to invest a lot of investment in grids, storage and more intelligent market design.
Europe received information. This week, the European Commission put forward its competitive compass, which put forward the ambition to solve these shortcomings. From now on, the European Union will not only strive to reduce the obstacles facing the company, but also ensure that they have the resources required for booming here, whether it is financing, calculation, energy or skills.
For example, the committee will put forward a so -called "28th regime" for innovation companies that enable them to benefit from a legal framework of the European Union to understand the company's law, bankruptcy, labor law and taxation aspects. It will start savings and investment alliance plans, which will ensure that innovative companies can find the required financial support.
The European Union will also enable the company to visit our world's leading supercomputer network. This will help the development of new advanced technologies and spread AI faster in the established championship. The European Central Bank will also keep Europe at the forefront of digital payment technology, including digital euro projects.
At the same time, the unprecedented simplified work starting next month will reduce the burden of regulatory supervision. This will include the profound simplification of legislation of sustain financial reports and due diligence. Energy prices will be reduced through a series of measures to integrate the market, increase the energy of contracts and reduce taxes.
This is just a future snapshot. The company and the family want to see actions-a wave of action is coming. We can no longer use self -compulsory obstacles to waste our advantages. There are too many dangers. We are going to do anything necessary to return to the right track.