<div id="readability-page-1">07:20 AM EST, 12/29/2025 (MT Newswires) -- In Nomura's 2026 year-ahead outlook for China's economy, the bank said it highlighted European Union-China trade tensions as a major risk that appeared to be overlooked by markets.Under the threat of the &#34;second China shock,&#34; which features China's rapidly rising competitiveness in high-end machines and equipment, the European Union may increasingly impose tariffs on Chinese goods and erect high trade and investment barriers to fend off Chinese competitors, noted the bank.Nomura expects growth of China's exports to the EU to slow from an average of 7.4% in 2021-25 and 8.1% in 2025 to around 5% (all in US dollar terms) over the next several years. Europe bears the brunt of the second China shock.While the EU was largely insulated from the first China shock, the impact from the second is likely to be &#34;much more&#34; severe, stated the bank. Unlike the first shock, the current shock involves high-value-added, sophisticated industrial and consumer products that compete directly with EU strengths. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

野村證券 2026 年的展望強調了歐中貿易緊張關係作為市場忽視的重要風險。該銀行警告稱，由於中國在高端機械領域競爭力的上升，可能會導致 “第二次中國衝擊”，歐盟可能會對中國商品徵收關税和設置壁壘。野村預測，中國對歐盟的出口增速將從 2021-2025 年的平均 7.4% 放緩至未來幾年的約 5%，這表明歐洲將面臨比第一次衝擊更為嚴重的影響

修正：野村證券指出歐盟與中國貿易緊張關係中 “被忽視” 的風險