China has become the EU's largest trading partner for the first time: Deepening cooperation for mutual benefit and win-win results

In the first seven months of this year, imports and exports between the 27 EU member states and China totaled 328.7 billion euros, up about 2.6 percent year on year, according to eurostat, the European Union's statistical office. For the first time, China has become the EU's largest trading partner. Data and studies show that people from all walks of life in China and the EU are full of confidence in bilateral economic and trade cooperation and look forward to the upgrading of china-eu cooperation to unleash greater potential.

Try to find more common ground

China Chamber of Commerce of the European Union and Roland Berger, a business management consulting firm, jointly released their 2020 Recommendation Report, "Quick Action for A Better Future", pointing out that In recent years, Chinese companies have achieved double growth in the number and scale of their business in Europe. From 2013 to 2019, the number of Chinese companies in Germany, Italy, the Netherlands and other major EU countries grew at a compound annual rate of more than 10 percent. More than 60 percent of the companies surveyed plan to further increase their investment in the EU, and nearly 20 percent plan to significantly increase their investment.

The report also pointed out that the development of Chinese enterprises in Europe has brought more job opportunities, economic output and advanced technology and other tangible benefits to the EU. From 2013 to 2019, the compound growth rate of economic output corresponding to Chinese enterprises' investment in Germany, Italy and other countries has exceeded 30%, and the compound growth rate of the number of patents filed in the EU has reached 20%. In the Chinese enterprises surveyed, the average proportion of eu employees reached 72%, and nearly half of the enterprises had more than 90% employees from the mainland.

Zhou Lihong, President of the European Chamber of Commerce in China, said that the epidemic has hit the EU economy and posed challenges to Chinese companies in Europe, but the confidence and determination of Chinese companies to tap the European market remain unchanged. In the long run, Europe still has a positive macro environment and China and the EU are highly complementary on the development agenda, providing new opportunities for future cooperation.

A recent policy recommendation report by the European Union Chamber of Commerce in China found that 39 per cent of its members saw their revenues grow by as much as 20 per cent last year, while 11 per cent reported higher real growth in their business in China. According to the Eu Chamber of Commerce in China Business Confidence Survey 2020, 62% of the EU Chamber of Commerce in China said they were willing or more likely to increase their investment in China, of which nearly half were prepared to reinvest 5-10% of their annual income, and nearly one-third said they would invest more.

After more than four decades of reform and opening up, China has become a key market for European companies, the CHAMBER said. "The technological advantages of China and the EU are complementary to each other, and the two sides should work together for survival."

Belgium - Bernard DeWitt, chairman of the China Economic and Trade Commission, said That Chinese enterprises have maintained a steady development trend in Europe, bringing many new investments to Europe, helping local enterprises out of difficulties and creating a large number of jobs in the labor market. Infrastructure cooperation by Chinese companies in Europe has improved the local people's livelihood and boosted the local and neighboring economies. "The dialogue and cooperation between the EU and China have never been interrupted and are constantly reaching a new level. The two sides are striving to find more common ground and create more win-win opportunities."

Potential opportunities for cooperation are constantly emerging

Prospects for China-Eu cooperation are improving. According to the 2019 Statistics bulletin of China's OFDI released by the Ministry of Commerce, The National Bureau of Statistics and the State Administration of Foreign Exchange, China's direct investment in Europe increased by 59.6% to us $10.52 billion, and the stock of China's direct investment in Europe reached US $114.38 billion.

While investment and trade have maintained steady growth, areas of China-Eu cooperation have been expanding. Green development, digital economy and other areas have become new focal points and growth areas for our cooperation. At the recent Video summit between China, Germany and the EU, China and the EU agreed to further establish the high-level Dialogue on environment and climate and the high-level dialogue on digital issues, and build china-eu green and digital partnership, injecting fresh impetus into the economic and trade development between China and the EU.

According to the report of the China Chamber of Commerce in the EU, digital economy and green development are the most important issues for Chinese companies in Europe. The leading technologies, rich experience and open attitude of Chinese companies in relevant fields will help the EU transform and upgrade its traditional industries. For example, Ctrip established a cooperative relationship with local Tourism bureaus in Europe to transmit tourism information to foreign tourists through digital platforms, and helped hotels and airlines to analyze industry trends with digital tools, which greatly promoted the recovery of local tourism.

The new European Commission attaches particular importance to the development of green New Deal, digital transformation, European economic and technological sovereignty, and job growth, said Charles Dypu, co-president of Roland Berger's Global Governance Council. "Chinese companies are capable and willing to contribute in these areas, and potential cooperation opportunities between Europe and China are constantly emerging."

"With its huge digital economy market and advanced technology base, China is undoubtedly an important strategic partner of the EU in this field." Papadi Morris, deputy President of the European Parliament, said that under the impact of the epidemic, the EU and China have the responsibility to promote in-depth cooperation in the fields of green economy and digital economy and promote global economic recovery. "The EU and China should maintain multilateral cooperation, jointly tap the potential of digital science and technology and promote the transformation of the digital economy."

Greater cooperation is the only way to properly address global challenges

How to further promote china-eu economic and trade cooperation? China and the EU have reached consensus. "At present, China and the EU are both designing their own long-term development plans and many agendas are similar or complementary. The two sides should seize the opportunity of cooperation, solve difficulties in development and achieve mutual benefit and win-win results on the basis of mutual respect." Zhou lihong said.

To deepen political mutual trust and resolve, to safeguard and strengthen the multilateral trading system, and to resist all forms of protectionism... The Eu Chamber of Commerce in China has put forward a series of specific proposals. The EU Chamber of Commerce in China also said it should work with China and other partners to sign multilateral agreements and promote WTO reform, and expand cooperation with China in areas of common interest, especially on issues such as combating climate change, preserving biodiversity, energy and international development.

Dypu said that since the establishment of diplomatic ties 45 years ago, the eu-China comprehensive strategic partnership has been continuously deepened. The Chinese economy pays more attention to the quality of growth and provides more market and development opportunities for EU companies. "The cooperation between Europe and China in the fight against coVID-19 has shown us the spirit of partnership in times of trouble. Looking ahead, opening up, cooperation, connectivity and common development will continue to be the main theme and trend of EU-China relations, and there is still huge room for china-eu business cooperation."

"Enhanced cooperation is the only way to properly address global challenges." In the current international situation, Europe and China, as stable partners, share many common interests and need each other, said Lin Gosseles, project director of the European Institute of Asian Affairs. The EU and China can strengthen cooperation in addressing climate change and combating terrorism and establish sound bilateral and multilateral cooperative relations.

Zhang Ming, Head of the Chinese mission to the EU, said that the current global epidemic is far from the bottom. As two major forces and two major markets in the world, China and The EU should drive world economic recovery and growth with strong resilience of economic and trade cooperation and jointly contribute to the response to the epidemic. It is of great significance. To create an open, fair, just and non-discriminatory business environment requires both sides to work together towards the same goal, and neither side should stop or even backslide.

Former President of the European Commission and former Italian Prime Minister Romano Prodi said: "On the fundamental issue of development, The EU and China have the same position and are fully capable of achieving win-win results through deepening cooperation."