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In spite of considerable changes in China’s power and status over the last two decades, France’s China policy has remained remarkably stable. The three broad types of principles that guide the French policy – in economic, ideational and strategic-political matters – have been defined in 1997 with the decision to engage in a global partnership. When measured along these three axes, France’s China policy appears, however, dramatically suboptimal with a strongly imbalanced distribution of the fruits of cooperation. It appears that a reorientation of the French policy, which should be based on a revival of realpolitik principles, is today nothing but an absolute necessity.