Fifty years ago, China-Europe trade was a trickle. Now, as the two sides mark half a century of ties, a single day’s trade equals what they exchanged in the entire year when relations were first established.
Noting that this year marks the 50th anniversary of diplomatic ties between China and the European Union, Chinese President Xi Jinping said on Thursday that China-EU relations have come to another critical juncture in history.
There are no fundamental conflicts of interest or geopolitical contradictions between China and the EU, Xi told European Council President Antonio Costa and European Commission President Ursula von der Leyen at the Great Hall of the People in Beijing.
“The current challenges facing the EU do not come from China,” he said, adding that the fundamentals and prevailing trend of China-EU relations featuring cooperation over competition and consensus over differences have remained constant.
Xi put forward three proposals for the future of China-EU relations: both sides should uphold mutual respect and consolidate the positioning of their relations as partnership, embrace openness and cooperation while properly managing differences and frictions, and practice multilateralism and uphold international rules and order.
Trade and investment
At Thursday’s meeting, the Chinese president said the China-EU economic and trade relationship is by nature complementary and mutually beneficial and can indeed achieve dynamic equilibrium through development.
China’s high-quality development and opening up will provide new opportunities and potentials for China-EU cooperation, Xi noted, calling on both sides to strengthen green and digital partnership and boost mutual investment and cooperation.
In 2024, trade between China and the EU soared to $785.8 billion, an increase of over 300 times compared to when diplomatic relations began in 1975, according to China’s customs authorities.
Two-way investment flows have also shown sustained growth in recent years, indicating a positive trend. Chinese battery manufacturer CALB, for instance, is building a $2.2-billion plant in Sines, Portugal, expected to create 1,800 jobs.
Xi expressed hope that the EU can remain open in the trade and investment market, refrain from using restrictive economic and trade tools, and foster a sound business environment for Chinese enterprises investing and operating in the EU.
At the 25th China-EU summit on Thursday, both sides agreed to forge an “upgraded version” of the China-EU export control dialogue mechanism, have timely communication on each other’s concerns and jointly keep the industrial and supply chains between China and Europe stable and unimpeded.
Multilateralism
Xi said China has always viewed and developed China-EU relations from a strategic and long-term perspective, regarded the EU as an important pole in a multipolar world and consistently supported European integration and the strategic autonomy of the EU.
China-EU relations are not targeted at, subjugated to, or controlled by any third party, he said, calling on both sides to deepen strategic communication, enhance understanding and mutual trust, and foster a correct perception of each other.
Pascal Lamy, the former European commissioner for trade, told CGTN that despite differences, China and the EU share crucial common ground in defending multilateralism and cooperating on global challenges like climate change, biodiversity loss and ocean protection.
Among the outcomes of Thursday’s summit, leaders of China and the EU issued a joint statement on climate change, highlighting their shared commitment to addressing climate change and pursuing green development.
Xi underscored the importance of China and the EU as constructive forces for multilateralism, openness and cooperation, and called on both sides to provide more stability and certainty to the world. CGTN
