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That’s definitely true, and the thought has crossed my mind before.
Anything an European company manages to sell in China is going to be a huge boost too. It’s the damn IP laws that are a pain to work with, though. A Chinese company perfectly clones your product? Well, you’re not going to win if you sue them.
The G8 already included Russia and the US, with Russia definitely being worse than China, even before the 2014 Ukraine invasion… And honestly, has the US ever been any better?
It’s an economic alliance more than anything.