China EU Photo:VCG

Trade between China and the EU increased 4.4 percent in the January-November period this year, latest customs data revealed, reflecting the potential and resilience of the bilateral economic cooperation.

China-EU exports and imports hit $67.64 billion in November, up 3.2 percent from the previous month, data from China’s General Administration of Customs showed on Wednesday.

In the first 11 months, China-EU trade value came in at $780 billion, an increase of 4.4 percent compared with the same period last year. China’s exports to EU increased by 11.5 percent on a yearly basis, while imports declined by 7.3 percent, according to customs data.

Last year, China-EU trade exceeded $800 billion for the first time and two-way investment exceeded $270 billion in cumulative terms.

Experts forecast that the bilateral trade will continue to surpass $800 billion this year despite the relationship was affected by multiple factors this year, which showcased the huge potential of China-EU mutually beneficial cooperation in trade.

“It is encouraging that bilateral trade could achieve near $800 billion in the first 11 months, and it demonstrated the resilient relationship between the two large economies,” Cui Hongjian, director of the Department of European Studies at the China Institute of International Studies, told the Global Times on Wednesday.

“The current bilateral trade volume is too significant to change, no matter whether it’s driven by China or the EU,” said Cui.

The visit paid by Charles Michel, President of the European Council, to China earlier this month, has forged basics for coming China-EU cooperation, and the two economies should make more efforts to deepen their bilateral cooperation, said Cui.

Michel said the EU will work with China to push forward the process toward an EU-China investment agreement, make their supply chains more stable, strengthen mutual trust, and deepen mutually beneficial cooperation in all areas, according to the Xinhua News Agency.

Recently some voices in the EU have advocated to reducing its dependence on China. “China and the EU should pay more attention to enhancing economic cooperation despite the negative opinions,” Cui said.

German Chancellor Olaf Scholz said explicitly in October that he supports globalization, adding that decoupling is the “wrong answer” and that Germany must do business with the rest of the world, including China. 

Executive Vice-President of the European Commission Valdis Dombrovskis, who is in charge of economic affairs, also believed that decoupling from China is not an option for the EU.

In response, China’s Foreign Ministry said that China-Europe cooperation is deeply rooted in public support, extensive common interests and similar strategic needs. Such cooperation enjoys great resilience and potential. “China is ready to work with Europe to jointly work for greater progress in bilateral cooperation in various areas and deliver more benefits to the two peoples.”

Global Times