The essence of European debt crisis and its influence on China

The essence of the European debt crisis is the rise of some emerging developing countries, such as China, Brazil and India. This has resulted in a decline in the competitiveness of some of the original developed countries in Europe, especially in the traditional manufacturing sector. Long-term trade deficits, regressive economic growth, and because these European countries are high-welfare countries, government spending is huge. The more you can't make ends meet, the more debt you accumulate. This has also had a series of effects on the world economy.