{"id":119148,"date":"2023-09-25T09:00:33","date_gmt":"2023-09-25T09:00:33","guid":{"rendered":"https:\/\/yourclomid.com\/?p=119148"},"modified":"2023-09-25T09:00:33","modified_gmt":"2023-09-25T09:00:33","slug":"eu-tiptoes-around-china-as-bloc-refuses-to-cut-ties-despite-imbalance","status":"publish","type":"post","link":"https:\/\/yourclomid.com\/world-news\/eu-tiptoes-around-china-as-bloc-refuses-to-cut-ties-despite-imbalance\/","title":{"rendered":"EU tiptoes around China as bloc refuses to cut ties despite imbalance"},"content":{"rendered":"

<\/p>\n

The European Union’s trade commissioner hit out at the bloc’s economic relationship with China, calling it “very imbalanced”.<\/p>\n

Valdis Dombrovskis, who is also the EU’s executive vice president, issued a call for action as he noted there is clearly an imbalance between the bloc and China’s imports and exports.<\/p>\n

In 2022, the 27-strong group exported to the Asian country goods worth \u20ac230.3billion (\u00a3200.2bn), while it imported some \u20ac626bn (\u00a3544.2bn) in goods, Eurostat data shows.<\/p>\n

This trade imbalance of nearly \u20ac400bn (\u00a3347bn) could drive a wedge between Beijing and Brussels, Mr Dombrovskis suggested on Saturday in a speech at the annual Bund Summit conference in Shanghai.<\/p>\n

Mr Dombrovskis also said: “Creating an open market among its members was one of the EU’s founding principles.<\/p>\n

READ MORE: <\/strong> South China sea tensions worsen as floating barrier is deployed in latest block<\/strong><\/p>\n

<\/p>\n

“We are also committed to free and fair global trade. And \u2018fair\u2019 is the key word here.”<\/p>\n

The bloc, he added, needs to “protect itself in situations when its openness is abused” – however, it has “no intention of decoupling from China”.<\/p>\n

The EU has partially blamed its trade deficit with China on restrictions applied by Beijing on European companies.<\/p>\n

The EU trade envoy has embarked on a four-day trip to China, where he is co-chairing high-level economic and trade talks with Chinese Vice Premier He Lifeng.<\/p>\n

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The aim of Mr Dombrovskis’ trip is to restart a dialogue with China following the forced pause caused by COVID-19 and rekindle Beijing and Brussels’ relations in the wake of clashes on the economy, foreign investments and geopolitics.<\/p>\n

On top of this trade imbalance, he noted, the two forces are also facing significant political headwinds – most notably Beijing’s position on Russia’s invasion of Ukraine.<\/p>\n

A prepared text of his remarks read: “The strongest, yet not the only, headwind is Russia\u2019s war of aggression against Ukraine, and how China positions itself on this issue.”<\/p>\n

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While China has formally remained neutral in the conflict between Russia and Ukraine, its government has deepened its political and economic alliance with Moscow over the past months.<\/p>\n

Mr Dombrovskis’ remarks came just days after European Commission President Ursula von der Leyen announced an investigation into subsidies that China provides to electric vehicle makers.<\/p>\n

This probe, sparked by concerns over the effects a flood of cheaper Chinese cars could have on the European market, could result in new tariffs protecting EU producers and was slammed by Beijing as a protectionist act aimed at distorting the supply chain.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The European Union’s trade commissioner hit out at the bloc’s economic relationship with China, calling it “very imbalanced”. 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