China-EU dialogue and cooperation deliver win-win outcomes

This year marks the 50th anniversary of China-EU diplomatic relations. The past 50 years have witnessed the epic journey of China-EU economic and trade cooperation, which has achieved remarkable success and served as the "ballast" and "propellant" of China-EU relations.

China-EU bilateral trade volume expanded 326 times from $2.4 billion at the beginning of the establishment of diplomatic relations to $785.8 billion in 2024. China and the EU are each other's second-largest trading partner. China is the EU's largest source of imports and third-largest export market, while the EU is China's second-largest source of imports and third-largest export market. Annual average FDI from the EU to China has increased from about $140 million in the early years of diplomatic relations to more than $7.6 billion in the last five years. Many European enterprises have invested in China, pursuing their own development while also playing a positive role in China's reform and opening up, as well as development. Chinese businesses began investing in Europe at the beginning of this century, and investment has gathered pace since 2009. At present, Chinese businesses have an investment stock of more than $100 billion in the EU, and the annual investment is basically on par with the EU's investment in China. Over the past few years, China's electric vehicle and new energy battery sectors have gravitated towards investing in the EU, strengthening the bonds of cooperation between the two sides.

Meanwhile, China has continuously promoted high-standard opening up and expanded voluntary and unilateral opening up in a well-ordered way, providing new opportunities for the rest of the world, including the EU, to deepen cooperation with China. Against this backdrop, China and the EU have seen closer economic and trade relations, and bilateral cooperation has expanded in scope and depth. Cooperation between China and Central and Eastern European countries (CEEC) is an important aspect of China-EU cooperation. The just-concluded 4th China-CEEC Expo was the largest edition with the highest level. The expo welcomed the participation of exhibitors from all 14 CEEC, and import purchase intentions from CEEC hit 10.98 billion yuan. This is the epitome of deepened China-EU cooperation and a new round of industrial integration in the complex international economic and trade situations.

China-EU economic and trade cooperation in the past 50 years has promoted their respective economic growth and improved livelihoods, while also boosting global economic growth. The economic size of China and the EU combined exceeds one-third of the global total. China-EU economic growth contributes to 33 percent of the global economic growth, and their foreign trade accounts for nearly 30 percent of the total volume of trade in goods, testifying to their significant weight in the world economic and trade landscape.

The US government's arbitrary imposition of tariffs is disrupting the post-war international trading system, disturbing global trade, and dealing a blow to the global economy. Many countries and regions, including China and the EU, are taking a hit. According to the World Trade Organization's estimates, if the share of foreign trade of the United States and the share of trade covered by Regional Trade Agreements (RTAs) are excluded, 74 percent of global trade still flows under the current multilateral trade rules. China and the EU are both advocates, supporters, and beneficiaries of free trade and an open world economy. They have the responsibility and ability to safeguard the rules-based multilateral trading system with the WTO at the core, and prevent global trade from returning to the law of the jungle and a beggar-thy-neighbor approach.

Since the beginning of this year, China and the EU have maintained close economic and trade policy coordination. Wang Wentao, Chinese Minister of Commerce, and Maros Sefcovic, European Commissioner for Trade and Economic Security, held talks and a video call on March 28 and April 8, respectively. It is reported that the two will meet on the sidelines of a WTO ministerial meeting in Paris in early June. Standing at the point of the fiftieth anniversary of China-EU diplomatic relations, both sides need to properly handle differences through dialogue and consultations, tackle challenges through mutually beneficial cooperation, and oppose unilateralism and protectionism, thus providing more stability and certainty to China-EU relations and the global economy.

Yao Ling, director of the Institute of European Studies, Chinese Academy of International Trade and Economic Cooperation (CAITEC)

Xia Chuanxin, associate research fellow at the Institute of European Studies, CAITEC

Qian Hao, Ningbo, China-CEEC Expo and Cooperation Promotion Center