For China and the EU, cooperation is our only right way forward

On July 19, the 9th China-EU High Level Economic and Trade Dialogue (HED), co-chaired by Chinese Vice Premier Liu He and European Commission Executive Vice President Valdis Dombrovskis, and attended by over 20 ministers at civil servant level, was successfully held.

Through pragmatic, frank and effective discussions, the two sides reached a series of consensus and results on macroeconomic policy coordination, cooperation on industrial and supply chains, WTO reform, further market opening, the implementation of the China-EU agreement on animal and plant indications, inspection and quarantine, bilateral opening of the financial sector and regulatory cooperation, among others.

The dialogue has brought stability to China-EU cooperation.

In order to further implement the important consensus reached by President Xi Jinping, President Charles Michel and President von der Leyen on various occasions, especially at the 23rd China-EU Summit, the two sides stressed the importance of jointly tackling global challenges and deepening supply chain cooperation.

In a profoundly changing world, we believe that healthy and stable relations between China and the EU, especially in the economic and trade fields, can help counter uncertainty in the global economic scene and are conducive to development and to global prosperity.

This is all the more true as the world economy suffers from multiple crises.

The two sides should make good use of mechanisms such as macroeconomic policy dialogue and financial dialogue, strengthen communication and coordination on macroeconomic policies, deepen cooperation on global food and energy security, and jointly promote the stability of the world economic and financial situation. market.

In order to boost post-pandemic recovery, China and the EU should maintain the stability of global industrial and supply chains, strengthen coordination and cooperation in combating the Covid-19 pandemic, and ensure the safe operation and smooth sea, air and land trade routes, including China Railway Express.

The dialogue has given new impetus to China-EU cooperation.

The common vision of China and the EU has always been to safeguard the rules-based multilateral trading system with the WTO at its core.

At the meeting, the commitment to maintaining unhindered multilateral trade and advancing financial cooperation was once again enshrined by both sides.

Next step

In the next step, the two sides will work together to implement the outcomes of MC12 and will continue to discuss the roadmap for WTO reform and other important issues through dialogue mechanisms. , including the joint China-EU working group on WTO reform.

On more concrete issues, in order to create a more favorable business environment, the two sides will actively promote the liberalization and facilitation of trade and investment, promote fair competition and better protect intellectual property rights.

The two sides will continue to promote bilateral opening-up and regulatory cooperation in the financial sector and invite qualified financial institutions to invest in each other’s markets.

The two parties agreed to strengthen cooperation on green finance and promote the use and improvement of the Common Ground taxonomy table.

The two sides welcomed the signing of the Memorandum of Understanding on Deepening Cooperation on Animal Health and Sanitary Issues, and the Memorandum of Understanding on Regulatory Cooperation on the Shanghai Clearinghouse, and deepen exchanges and cooperation in relevant areas.

In order to better meet the needs of the two peoples, China and the EU also agreed to release the second batch of the GI list as soon as possible and expand trade in agricultural products.

Entering the third decade of the 21st century, the world is facing increasing challenges such as the Covid-19 pandemic, climate change, food crisis and the risk of economic recession, from which no economy can remain immune. .

It is quite amazing that some people are touting theories such as “EU-China engagement is useless” and “EU-China economic and trade decoupling” in the face of such a dire situation.

The good news is that the successful holding of the 9th China-EU HED and its results show that despite the differences, China and the EU still have a broad space for cooperation.

As indispensable players in today’s world, the only right way forward for China and the EU is to focus on cooperation, manage differences and tackle global challenges together.

In the future, the two sides should practice the spirit of dialogue and promote the sustainable and healthy development of pragmatic China-EU cooperation in economy and trade.

First, we should stick to cooperation, rise above outside interference and remove obstacles that hinder the further development of bilateral relations.

Second, we must strengthen communication and dialogue by making full use of existing mechanisms and creating new ones.

Third, we should focus on implementation.

The work teams of both parties should maintain close exchanges and communication on the implementation of the consensus reached by the leaders of the two parties and the results of the dialogue, and come up with a practical and concrete work plan as soon as possible.

The Mission of the People’s Republic of China to the European Union and I will maintain close contact with relevant departments on the EU side and make unremitting efforts to this end.


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