China has also caught up with Europe in pharmaceuticals, where we used to boast primacy, and is ready to kick our asses: of the 90 new molecules launched in the year of China’s overtaking, 28 are “made in the US,” 25 come from China, and only 12 from Europe. Today, between 80 and 90 percent of the active ingredients in antibiotics used in Europe come from China. Whereas 25 years ago half of all new treatments were “made in the EU”, today it is only one in five. That is why the Sino-EU dialogue is resuming on cars, but late as usual, it is finally intensifying on pharmaceuticals.