China EU ties have maintained a stable development of bilateral economic relations and added stability to the global economy. This trend is affected by uncertain factors.
According to official data, the China EU ties is still China’s largest trading partner in the first five months of this year, and bilateral trade volume increased by 11.7% year-on-year to 1.9 trillion yuan ($276 billion). This amount accounted for 15.7% of China’s total trade during the period.
Experts said that stable trade growth is based on the interdependence of bilateral economic and trade relations and the consensus of the two sides on mutual benefit and development.
Liang Ming, an expert at the Ministry of Commerce, said that the trade between China and the EU shows the high degree of complementarity between the two economies and that the market demand of both sides continues to promote bilateral trade growth.
Insiders said that, more importantly, the two sides have established an example of promoting multilateralism and free trade to cope with a stronger headwind in the context of improved economic relations.
“With the rise of trade protectionism, the stable development of China-EU economic cooperation has played a key role in stabilizing the global economy,” Liang said.
Bai Ming, a researcher at the China Institute of International Trade and Economic Cooperation, said that the two economies have laid a solid foundation for economic and trade cooperation.
He added that in addition to providing various opportunities for both sides, the economic cooperation between the two countries is particularly important in the context of growing trade tensions in the global economy.
China and the EU are paying more and more attention to economic and trade relations and are working together to promote bilateral cooperation, especially under the “One Belt, One Road” initiative proposed by China.
The China EU ties Service is an important part of BRI’s expectation of promoting Sino-European trade. It has developed rapidly since its opening. The total freight volume in 2018 increased by 106% year-on-year to US$33 billion.
To date, the cross-border railway network has connected 62 Chinese cities and 51 European cities in 15 countries.
Although Italy became the first G7 member to join BRI in March this year, other major European powers have expressed their willingness to strengthen cooperation with China under BRI.
At the same time, the economic investment of the two countries is also booming. China is constantly expanding its opening up and taking measures to adapt to foreign investors.
After approving the landmark Foreign Investment Law, which aims to provide stronger protection and a better business environment for overseas investors, the country vows to encourage foreign investors to invest in advanced manufacturing and modern service industries as well as multinational companies at the national level. Establish an economic and technological development zone at the headquarters or R&D center.
Liang Qichao believes that the opening measures are attractive to EU companies. They said that with China’s open manufacturing, financial and service industries, the future will further develop the great potential for further cooperation.
“Although external uncertainties are accumulating, China-EU economic and trade relations are still absolutely certain,” Liang said. He said that bilateral cooperation this year will surely maintain stable development and continue to be the main stabilizer of the world economy.
