Von der Leyen: To increase the competitiveness of European industry, it is necessary to reduce energy costs

European Commission President Ursula von der Leyen said that in order to increase Europe's competitiveness, it is necessary to reduce energy costs, ease the administrative burden on companies and support investments in industry. Von der Leyen noted that energy prices in Europe are two to three times higher than in the United States and China, and said the EU would put industry back at the center of its policy. Speaking at the annual conference organized by the French Enterprise Movement (MEDEF) in Paris, von der Leyen said that the conditions that have supported Europe's economic model for many years, including cheap imported energy, open global trade, increased access to the Chinese market, and strategic protection provided by the European Union, have been created. The technological superiority of the United States and the West has now disappeared . She said that European companies are simultaneously facing high energy prices, fragmentation of the Single Market, complex regulation and unfair competition, stressing the need to create a more favorable environment for companies to invest . . . The administrative burden on companies must be reduced. A 25% reduction . . . . Von der Leyen said that industry will once again be given more attention in EU policy, stating: "Our goal is to turn Europe into a continent that produces, invests and ensures its own security.". . . She announced that the EU is seeking to reduce the administrative burden on companies will increase by 25% by 2029, adding that the 12 simplification packages currently being prepared are expected to allow companies to save about 17 billion euros annually. She stated that the entire body of EU legislation will be reviewed, duplicate rules and reporting requirements will be reduced, and licensing procedures will be accelerated. The trade deficit with China reaches 1 billion euros per day. ZVon der Leyen stressed that the trade deficit with China reaches 1 billion euros per day. The importance of ensuring fair conditions in international trade to protect the competitiveness of European industry. Describing China as an important economic partner of the EU, she said that the bloc's approach is to "reduce risks without separation." She said that some Chinese companies receive up to eight times more government support than similar companies in OECD countries. Over the past five years, imports from China have increased by 45%, while exports from the EU to China have declined . . Von der Leyen reported that the EU's trade deficit with China has reached about 1 billion euros per day and that the deficit increased by another 10% earlier this year.