A drone photo taken on Aug 9, 2024 shows a China-Europe freight train departing from Tongjiang North Railway Station in Northeast China's Heilongjiang province. [Photo/Xinhua]
Strengthening China-European Union economic cooperation has become crucial for worldwide economic growth, as the United States' tariff hikes against its key trading partners have cast a shadow over the global economy, said senior trade experts and EU business executives.
They emphasized that amid growing global trade protectionism, the Chinese and EU economies' structural complementarity and the two sides' upholding of free trade provide a solid basis for deeper bilateral economic and trade collaboration. They also said the US tariff increases are likely to backfire.
Zhang Yansheng, a researcher at the Chinese Academy of Macroeconomic Research, said the EU economy has advantages in high-end manufacturing, green technology and services trade, while China excels in digital infrastructure, smart manufacturing, application scenarios and a vast market.
"China and the EU could consider establishing an industrial chain security dialogue mechanism to form a 'cooperation list' in key areas such as semiconductors and pharmaceuticals," Zhang said.
By creating platforms like industrial cooperation parks and joint innovation funds, the two sides' strategic consensus can be transformed into concrete projects, in order to shape a practical and feasible road map for them to build a new, future-oriented type of economic and trade partnership, he said.
"With the transformation and upgrading of China's manufacturing industry, the competition between China and the EU in economic and trade development has intensified a bit," Zhang said.
"However, as they both face external challenges like rising protectionism and geopolitical uncertainties, the two economies are expected to forge closer economic ties based on complementary competition, thereby achieving a win-win situation," Zhang added.
Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said the potential for collaboration between China and the EU is enhanced by their market complementarity and need for resource optimization.
He said he expects more cooperation mechanisms between the two sides to boost collaboration by enterprises, drive innovation and improve the allocation of market resources.
"By doing such things, China and the EU could generate significant economic and social benefits, boost employment and enhance supply chain security for both," said Zhou, whose academy is affiliated with China's Ministry of Commerce.
China remains the EU's largest import source and third-largest export destination, according to European statistics. Moreover, China's outbound direct investment inflows to the EU grew from 6.27 billion euros ($6.43 billion) in 2020 to 8.06 billion euros in 2023, with greenfield investment reaching 5.3 billion euros in 2023 — an increase of 48 percent compared with 2022.
Zhang, from the Chinese Academy of Macroeconomic Research, said that cooperation potential between China and the EU spans three key areas: green transformation, digital cooperation and third-party market development.
The two economies could build a joint carbon-neutral laboratory focusing on clean technology collaboration, recognize each other's cross-border e-commerce standards, and build dialogue mechanisms for cooperation in frontier areas like data flow and artificial intelligence ethics, he said.
According to Zhou, from the Chinese Academy of International Trade and Economic Cooperation, China and the EU should focus in the short term on reviewing and strengthening existing supply chain cooperation, whether market-driven or government-promoted, by reducing trade barriers and increasing investment opportunities and the mobility of personnel.
Long-term strategies should aim for more effective market integration through reduced tariffs, increased consultation mechanisms and enhanced collaboration on innovation, he added.
Zhou also said that Sino-EU cooperation could extend beyond bilateral relations to include third-party market opportunities in Latin America, Africa and elsewhere.
"This expanded cooperation could help address global challenges while strengthening both parties' economic independence and meeting consumer demand in emerging technological sectors," he added.
Experts also said the US tariff hikes will not be good for anyone and will fail to achieve the so-called purpose of making America great again.
Ju Jiandong, chair professor at Tsinghua University's PBC School of Finance, said that if the US truly wants to maximize its own interests, it should not damage ties with its manufacturing suppliers.
"Don't go against the customers and don't go against the suppliers - these are the ABCs of economics," Ju said.
Business leaders also said they have an optimistic outlook on China-EU economic and trade cooperation.
Thomas Roemer, global head of the coatings and adhesives business entity of Covestro AG, a German polymer manufacturer, expressed strong support for fair, open and rule-based global trade.
"We will continue to invest in China to provide our customers with innovative and sustainable solutions and products," Roemer said.
Denis Depoux, global managing director at German management consultancy Roland Berger, said the interdependence between the Chinese and EU economies remains significant.
锦绣中国年 | 天津重点监测商贸企业春节假期销售额同比增11.2% 中新网天津2月18日电 (记者 王君妍 通讯员 王 张欣悦)今年春节假期为期8天，是一个“超级假期”，消费市场火爆程度也尤盛往日。记者从天津市商务局 2月21日，司法部、国家发展改革委、全国人大常委会法工委共同组织召开民营经济促进法立法座谈会，听取民营企业代表和专家学者对立法的意见建议。会议强调，要坚持以习近平新时代中国特色社会主义思想为 “中新免签朋友圈”效应：春节赴新游同比涨960% 带动“新马泰”线路 21世纪经济报道 胡慧茵 春节是新加坡重要的节日。每到农历新年，新加坡的大街小巷就洋溢起浓浓的年味。 “在新加坡唐人街牛车水，我们看 追加补贴 美国打响全球半导体“军备竞赛” 当地时间2月21日，美国芯片巨头英特尔在加州圣荷西举办首次晶圆代工活动。美国商务部长吉娜・雷蒙多在活动上表示，如果美国想在半导体领域“引领世界”，就要进一步加 “十四五”前三年江西省单位工业增加值能耗预计下降约8% 中新网南昌2月22日电 (朱莹)22日，江西贯彻实施《江西省人民代表大会关于全力打造国家生态文明建设高地的决定》(以下简称《决定》)座谈会在南昌召开。记 中新经纬2月22日电 据中国执行信息公开网消息，西王集团有限公司(以下简称“西王集团”)、西王国际贸易(青岛)有限公司、王勇、王棣、王伟2月20日被青岛市中级人民法院执行超3.3亿，案号为(2024)鲁02执383号。 来 。本文链接：Sino-EU ties seen as key to global growth Experts call for stronger economic, trade partnership amidhttp://www.sushuapos.com/show-5-44736-0.html
声明：本网站为非营利性网站，本网页内容由互联网博主自发贡献，不代表本站观点，本站不承担任何法律责任。天上不会到馅饼，请大家谨防诈骗！若有侵权等问题请及时与本网联系，我们将在第一时间删除处理。
上一篇： （新春见闻）香港旅游业蛇年春节“小丰收” 特色年味成吸客主因
下一篇： China's Olympic champions carry torch for Asian Winter Games