Chinese Premier Li Qiang and European Central Bank President Christine Lagarde emphasized deepening economic cooperation during a high-level meeting in Beijing on Thursday, marking the 50th anniversary of diplomatic relations between China and the European Union (EU). The dialogue highlighted shared commitments to stabilizing global markets and opposing protectionist policies.
Premier Li noted the evolution of China-EU relations into one of the world's most consequential partnerships, driven by 'mutual benefit and win-win cooperation.' He stressed that economic complementarity between the two powers—China's vast consumer market and Europe's technological expertise—creates 'considerable room for collaboration' in green energy, digital innovation, and supply chain resilience.
Pushing Back Against Economic Fragmentation
Both leaders warned against the risks of tariff wars and trade barriers. 'Cooperation is the only path to mutual success,' Li stated, reaffirming China's commitment to proactive macroeconomic policies and market openness. Lagarde echoed this sentiment, calling for strengthened multilateral coordination to address global challenges like inflation and geopolitical tensions.
Financial Coordination Takes Center Stage
The meeting established a new central bank governors' dialogue mechanism between China and the ECB, with Lagarde praising China's 'innovative development' and corporate competitiveness. The two sides agreed to enhance communication on international monetary reforms and cross-border financial stability.
As the world's second- and third-largest economies, China and the EU's alignment signals a potential stabilizing force for global markets. Their partnership could shape critical outcomes in climate finance, digital currency standards, and post-pandemic recovery efforts.
