China urges EU to jointly preserve industrial supply chains' stability

The suggestion came when Chinese Premier Li Keqiang co-chaired with President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen the 23rd China-EU Summit via video link on April 1.

Premier Li pointed out that reform and opening-up is China’s fundamental national policy and China’s door will open still wider. It will continue to foster a market-oriented and law-based business environment up to international standards, and treat enterprises of all types of ownership as equals, according to a Chinese government press release.

The EU noted its disappointment with China's unjustified sanctions, including against members of the European Parliament, and coercive measures against the EU single market and member states, and pointed to the need to address long-standing concerns related to market access and the investment environment in China, with the view to ensuring a balanced trade and economic relationship., according to an EU press release.

It called on China to cease such actions for a more productive engagement that would benefit both sides.

The recovery from the COVID-19 pandemic remains a shared priority. Leaders discussed cooperation on the vaccination campaign and reopening of the economy. The EU confirmed its commitment to work with China and other member states of the World Health Organisation on a new agreement on pandemic prevention, preparedness and response, the press release said.

Leaders mandated the High-level Trade and Economic Dialogue to find concrete ways to progress on these issues before the summer.

Leaders agreed to continue cooperation on climate change and energy transition, which is necessary to tackle this urgent global challenge. The EU stressed the importance of additional measures, including on phasing down coal, in the run up to COP 27 in Sharm-El Sheikh.

The EU and China will work together to secure a robust and ambitious new global biodiversity framework at the COP15 in Kunming. The High-Level Dialogue on Environment and Climate will meet before summer.

The EU raised the importance of a transparent and competitive environment for the digital economy, as well as trustworthy and ethical uses of artificial intelligence. It expressed concerns about increased cybersecurity threats and called for responsible state behaviour in cyberspace. The EU and China will resume the High Level Digital Dialogue.

Official data from China showed China's trade with the EU in 2021 amounted to $828.1 billion, up by 27.5 per cent year on year, hitting a record high.

In the first two months this year, bilateral trade between China and the EU jumped by 14.8 per cent, year on year, to $137.1 billion, making the EU the largest trading partner of China during the period, the data showed.

ALCHEMPro News Desk (DS)