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China sees good trade prospects with EU

China and the European Union are eager to foster ties. When trade and technology cooperation between China and the US faces a standoff, there will be more room for China and the EU to work together. China and the EU are more complementary to each other, while there is more competition between China and the US.

Both China and the EU are supporters of globalization, comply with WTO rules and stand firmly against unilateralism and trade war. China is already in close cooperation with the EU in many aspects including high speed railways, nuclear power and hydrogen energy. The EU is also proficient in developing future technologies, while China has an attractive market, open-minded consumers, well-developed infrastructure and a supportive government. It gives the two sides solid ground for high-tech cooperation.

China’s massive market size remains attractive to the EU. Trade volume between China and the EU saw a yearly increase of 12.7 per cent in 2017. It is relatively smaller compared to the trade volume between China and the US, but it has potential to grow. Compared to the United States, the EU has relatively less restrictions on the import and export of high tech products with China. Europe is also China’s major partner in services, technology and related products.