China and France are marking six decades of strong economic and trade relations, showcasing a partnership that spans consumer products, advanced technology, and more.
At the China International Consumer Products Expo in Haikou, Hainan Province, French cosmetics giant L'Oreal highlighted the significance of the Chinese market, with one in every three lipsticks exported from France being purchased by Chinese consumers.
Since establishing diplomatic relations in 1964, the two nations have developed extensive trade links. France ranks as China's third-largest trading partner within the European Union and the third-largest source of actual investment. Conversely, China stands as France's largest trading partner in Asia and its seventh-largest globally, according to the China Council for the Promotion of International Trade.
Advanced cooperation between China and France includes collaboration in civil nuclear energy and aerospace. Airbus, for instance, inaugurated its second final assembly line in Tianjin in 2023, reinforcing its commitment to the Chinese aviation market. Guillaume Faury, CEO of Airbus, emphasized the company's trust and successful relationship with Chinese partners during the launch ceremony.
Chinese investment in French businesses is substantial, with the Chinese Ministry of Commerce reporting that by the end of 2021, 6,687 French companies were established in China with investments exceeding $19 billion. France is set to be the Guest Country of Honor for upcoming major trade fairs in China, further solidifying this economic bond.
Looking ahead, China and France are exploring new frontiers in the digital economy, green energy, and the senior economy. A 2023 survey by the French Chamber of Commerce and Industry in China revealed a growing confidence among French companies, with 47% planning to increase their investments in China over the next three years.
Chinese Commerce Minister Wang Wentao reported that bilateral trade reached $78.9 billion in 2023, with Chinese imports from France rising by 5.5% year-on-year. Chinese President Xi Jinping expressed optimism for the future, stating that China and France will work together to expand their cooperative efforts and seize new development opportunities.
As the two countries celebrate this significant milestone, the focus remains on making the economic pie larger for mutual benefit, fostering openness, and sharing growth opportunities on a global scale.
Reference(s):
Lipstick to civil nuclear: China-France economic and trade ties at 60
cgtn.com
