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International trade

China and EU Strengthen Economic and Trade Cooperation Amid Global Challenges

Strategic Insights

— 1 min read

China and the European Union are strengthening their economic and trade cooperation in the face of global challenges, with the two sides emphasizing the importance of free trade and multilateralism. The cooperation has shown a strong endogenous driving force in the past 50 years, with bilateral trade volume and two-way investment maintaining rapid growth overall.

Key Takeaways:

  • Premier Li Qiang emphasized that China and the EU must adhere to the concept of freedom and openness, strengthen market connectivity, and industrial docking to better play their comparative advantages and achieve mutual benefit and win-win results.
  • The two sides have agreed to expand trade and investment exchanges, which will form a strong economic development synergy, enhance the resilience and vitality of their economies, and better cope with external uncertainties.
  • China and the EU will work together to carry out closer economic and trade cooperation, play a mainstay role in economic globalization, and stability of the international production and supply chain.
  • The two sides have identified areas such as trade in services, scientific and technological innovation, green economy, and third-party cooperation as key areas for further cooperation.
  • Li Qiang hoped that enterprises from both sides would maintain an open attitude, closely match needs, deepen cooperation in industrial investment, joint research and development, market expansion, and other aspects.
  • China will continue to expand high-level opening up, further reduce the negative list for foreign investment access, strengthen intellectual property protection and fair competition guarantees.

Statistics:

  • Bilateral trade volume has maintained rapid growth overall in the past 50 years.
  • Two-way investment has shown strong growth in the past 50 years.
  • The EU is China's largest trading partner, accounting for over 15% of China's total trade.
  • China is the EU's largest trading partner outside of the EU's member states.
  • Over 60 heads of China-EU chambers of commerce and enterprises participated in the China-EU Entrepreneurs Forum in Beijing.

Sources:

  • Xinhua News Agency, Beijing, July 24 (Reporter Feng Xinran)
  • State Council of the People's Republic of China
  • European Commission

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