Source: Xinhua

Editor: huaxia

2023-12-06 15:36:16

Chinese Vice Premier Zhang Guoqing, also a member of the Political Bureau of the Communist Party of China Central Committee, and European Commission Vice President Vera Jourova co-chair the second China-EU high-level dialogue in the digital area in Beijing, capital of China, Sept. 18, 2023. (Xinhua/Liu Weibing)

"Over the past 40 years, Europe and China have forged mutually beneficial, dynamic and symbiotic economic and trade cooperation, fostering prosperity and stability for both sides," said Spanish economist Julio Ceballos Rodriguez.

BRUSSELS, Dec. 6 (Xinhua) -- As the first in-person meeting of its kind after the pandemic, the upcoming summit between China and the European Union (EU) is expected to devise a strategic blueprint for cooperation in a world afflicted with geopolitical uncertainties and economic challenges.

As agreed between China and the EU, the 24th China-EU Summit will be held in Beijing on Dec. 7, according to the Chinese Foreign Ministry.

With joint efforts to revitalize trade activities, diplomatic engagements, cultural and people-to-people exchanges, mutually beneficial China-EU relations are set to contribute significantly to global recovery.

RESURGING COOPERATION

In the post-COVID-19 era, China and Europe have played significant roles in facilitating each other's economic bounce-back.

Official data indicates that China and the EU have remained as each other's second-largest trading partners, with two-way trade jumping by 22.8 percent to 847.3 billion U.S. dollars in 2022 and averaging over 2 billion euros daily.

Following the relaxation of COVID-related travel restrictions in China, dozens of provinces and cities have sent trade delegations to Europe since late 2022, aiming to solidify business connections.

"The current resurgence of Sino-European interactions across nearly all echelons is a promising development that may help bridge the gap in trust and communication," the China Chamber of Commerce to the EU said in a report.

Two-way trade benefits both sides and must continue as "each side needs the other and everyone benefits," Sergi Basco, associate professor of economics at Barcelona University, told Xinhua in an interview.

On top of traditional sectors, Chinese companies, not least those in electric vehicles (EVs), technology, and renewable energy, have sought partnerships and investments in Europe, contributing to innovation and economic growth.

Notably, Chinese EV manufacturers like BYD, NIO, Xpeng, Hongqi, and Lynk & Co are gaining traction in Europe, while German's Volkswagen has bought a nearly 5 percent stake of Chinese EV maker Xpeng for 700 million dollars and agreed to jointly develop two new models.

"Over the past 40 years, Europe and China have forged mutually beneficial, dynamic and symbiotic economic and trade cooperation, fostering prosperity and stability for both sides that extend to almost all industrial sectors," said Spanish economist Julio Ceballos Rodriguez.