EU Vice Chairman: No Intention to Decouple from China, but Emphasizes Need to Protect Its Market

EU Vice Chairman: No Intention to Decouple from China, but Emphasizes Need to Protect Its Market

(Reuters, Shanghai, 23rd) Vice Chairman of the European Commission (European Commission) Dumbrowski said at a meeting in Shanghai today that the EU has no intention of decoupling from China, but if the EU’s market openness is abused, , it is necessary to protect yourself.

Valdis Dombrovskis, who also serves as the EU’s executive commissioner for trade affairs, is on a four-day visit to China. His trip includes participating in the 10th China-EU High-Level Economic and Trade Dialogue in Beijing on the 25th. This comes as the two countries seek to de-escalate tensions over geopolitical and trade matters.

Since Russia’s full-scale invasion of Ukraine, Beijing’s rapprochement with Moscow has strained EU-China relations, which has been exacerbated by the EU’s push to reduce its economic dependence on China. The European Commission announced last week that it would investigate the issue of state-subsidized dumping of Chinese electric vehicles to decide whether to impose tariff penalties. Dumbrowski’s visit seeks to improve the balance of bilateral economic relations.

In his speech at the annual Bund Financial Summit, Dumbrowski said that the bilateral trade volume between the EU and China hit a record high last year, but it was “very unbalanced.” The EU’s trade deficit with China reached nearly 400 billion euros (about 4,261 billion euros). One hundred million U.S. dollars).

He said: “One of the founding principles of the EU is to create an open market among member states. We are also committed to promoting free and fair global trade, and the key word here is fairness.” He cited the EU’s trade deficit with China as an example , stating that “when the EU’s openness is abused, the EU also needs to protect itself.”

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“This means that our strategic dependence on a few selected strategic products must be minimized,” Dumbrowski said. However, he emphasized that the EU’s economic strategy focuses on removing risks rather than decoupling. “The EU has no intention of decoupling from China.” Central News Agency (translation)

EU Trade Commission: No intention to decouple from China but must protect its own market

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2023-09-23 13:58:39

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