The 24th China-EU Summit, the first in-person meeting between the world's two major forces and markets since the COVID-19 pandemic, took place in Beijing on December 7. This landmark event provided a platform for in-depth and candid discussions on strategic issues affecting China-EU relations.
Key topics included the growing bilateral trade deficit and the EU's designation of China as \"an economic competitor and a systemic rival.\" European officials expressed concerns over increasing dependence on Chinese imports, questioning the asymmetry in their trade relationship and alleging \"discriminatory practices\" by Beijing.
Despite these tensions, mutual trade has flourished over the past 15 years. In 2022 alone, trade in goods between China and the EU reached a record €857 billion ($917 billion), marking a 23 percent increase from the previous year. European exports to China have grown significantly faster than imports, expanding from €71 billion ($76.61 billion) in 2007 to €230 billion ($248.18 billion) in 2022, a 3.24-fold increase. Meanwhile, Chinese exports to Europe grew from €231 billion ($249.24 billion) to €627 billion ($676.51 billion) over the same period, a 2.71-fold rise.
As both parties navigate these complex economic dynamics, the summit underscored the profound impact and significance of China-EU relations on the global stage. Moving forward, cooperation is expected to continue amidst the challenges, shaping the economic and political landscape of the Eurasian continent.
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Despite headwinds, cooperation on the Eurasian continent will continue
cgtn.com
