The 24th China-EU Summit, the first in-person meeting between the two major economies since the COVID-19 pandemic, was held in Beijing on December 7. The summit marked a significant milestone in China-EU relations, with both sides engaging in candid discussions on strategic issues, mutual concerns, and the future of their cooperation.
A key topic of discussion was the growing bilateral trade deficit and concerns over increasing dependence on imports from China. The European Union has previously labeled China as “an economic competitor and a systemic rival.” However, the summit provided an opportunity to reassess these perspectives and explore ways to enhance mutually beneficial trade relations.
Over the past 15 years, trade between China and the EU has grown substantially, reaching a record high of 857 billion euros ($917 billion) in 2022, a 23 percent increase from the previous year. Notably, European exports to China have been growing at a faster rate than imports from China during this period.
From 2007 to 2022, European exports of goods to China increased from 71 billion euros ($76.61 billion) to 230 billion euros ($248.18 billion), an impressive 3.24-fold growth. In comparison, Chinese exports to Europe rose from 231 billion euros ($249.24 billion) to 627 billion euros ($676.51 billion), a 2.71-fold increase.
These figures highlight the deepening economic ties between China and the EU, underscoring the potential for continued cooperation despite existing challenges. Both sides recognize the importance of maintaining open dialogue and working together to address trade imbalances and foster sustainable economic growth.
As the global landscape continues to evolve, the China-EU partnership remains a cornerstone of international economic relations. The outcomes of the 24th China-EU Summit suggest that, despite headwinds, cooperation on the Eurasian continent will continue to expand, benefiting not only both parties but also the global economy.
Reference(s):
Despite headwinds, cooperation on the Eurasian continent will continue
cgtn.com
