Illustration: Chen Xia/Global Times

The UEFA European Championship, or Euro 2024, which runs from June 14 to July 14 in Germany, has been in the headlines in recent days. Chinese companies make up five of Euro 2024's 13 official global sponsors, including Chinese automaker BYD. This has become a topic of heated discussion both within and outside the EU.

Sponsorship from Chinese companies has become an important source of revenue for Euro 2024. From the Chinese perspective, these Chinese companies are likely to lean on their affiliation with the tournament to reach new consumers, build their brand image, and strengthen their presence in the EU market. This is a win-win situation.

BYD's five models have reportedly entered 19 countries and regions in Europe, establishing over 230 stores. It is normal for the Chinese automakers to further enhance their public credibility and influence through the tournament, so BYD has replaced Volkswagen as the official auto partner of Euro 2024. UEFA Marketing Director Guy-Laurent Epstein was quoted by the Xinhua News Agency as saying recently that this decision aligns with UEFA's vision of creating a greener Euro.

However, some Western media outlets are keen to politicize economic issues, and maliciously hype the competition between Chinese and European automakers. A Bloomberg report said that as Germany's national football team scrapped its way to victory in Dortmund on Saturday, a "game of geo-economic chess" was taking place on the sidelines, with stakes that "go beyond the European Championship… China's BYD was looking to land a marketing blow on Volkswagen AG on its home turf," the report said. Its false narrative of marketing competition reflects an undisguised zero-sum mentality.

Some Western media outlets addicted to geopolitical strife and zero-sum games may not know how to hold back. This strong inertia in geopolitical thinking will probably put up obstacles to mutually beneficial cooperation between China and the EU with regard to the development of clean energy industries.  We hope they can abandon their zero-sum game mentality and create favorable conditions for further economic cooperation.

To some extent, Euro 2024 offers a window to observe the resilience of economic cooperation between China and the EU. UEFA estimates that Euro 2024 will generate 2.4 billion euros ($2.6 billion) in revenue, mainly from broadcast and sponsorship deals, ticket sales, hospitality, and licensing fees for official tournament merchandise, according to media reports. It is a good thing that Chinese companies are active contributors to it.

Chinese electric vehicle (EV) manufacturers are also contributing to Europe's green transformation. Chinese EV manufacturers are translating their expertise into progress for Europe's green transportation revolution through investment and equipment support.

China's development in the EV sector is an opportunity, and the two sides share cooperation potential in clean energy and the low-carbon economy. Recent trends suggest Chinese EV production will increasingly take place inside the EU and that high-end EVs will continue to be exported from EU countries to China. 

In the foreseeable future, China will continue to be an important overseas market for EU companies, including Volkswagen.

Fortunately, on the sidelines of Euro 2024, there have been more rational and scientific voices defending mutually beneficial cooperation between China and the EU. A recent op-ed piece published in a European media outlet said the EU needs to show sportsmanship toward Chinese companies, and hold constructive dialogue between European business and political circles. Faced with competition from Chinese EV manufacturers, "there is a better way than to engage in a trade war," the op-ed said.

We hope EU politicians can listen to rational voices, abandon zero-sum mentality, and push bilateral EV-related cooperation back on track as soon as possible.