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A day before the summit with EU representatives, China rejected Brussels’ export policy as absurd. “If the European side hopes to significantly increase exports to China while imposing serious restrictions on the export of high-tech products to China, this is hardly in line with common sense,” said Wang, the Foreign Ministry spokesman. Wenbin is in Beijing on Wednesday.
In the background is the huge trade deficit, which is to China’s advantage. This will be the topic of the meeting of the EU delegation, led by Council President Charles Michel and Commission President Ursula von der Leyen, with the Chinese state and party leader Xi Jinping on Thursday.
Von der Leyen said before leaving for Beijing: “Heads of state and government in Europe will not tolerate imbalance in trade relations in the long term.” The EU has the tools to protect its market, but prefers a solution through negotiation.
According to information from the EU, the trade deficit has recently reached almost 400 billion euros. Wang Wenbin argued on Wednesday that the data did not reflect the true distribution of trade between Europe and China.
More than a third of the export volume of European companies in China goes to Europe. Therefore, in his view, China appears to have a trade surplus, but Europe gets a “significant” share of the profits.
EU representatives want the trade deficit to be addressed, as well as unfair competitive conditions for European companies in China. Conversely, China is likely to bring to the table Brussels’ ongoing investigation into China’s electric car subsidies and its plans to make the EU economy less dependent on China in critical areas. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
