Stronger China-EU ties inject stability into world economy

12th June, 2019 09:49:19 printer

BEIJING: China and the European Union (EU) maintain steady development of bilateral economic relations, adding stability to the global economy shadowed by mounting uncertainties.

In the first five months this year, the EU remained China's largest trading partner, with bilateral trade volume up 11.7 percent from one year earlier to 1.9 trillion yuan (about 276 billion U.S. dollars), official data showed. Such an amount accounted for 15.7 percent of China's total trade volume in the period, reports Xinhua.

The steady trade growth is based on the interdependence of the bilateral economic and trade relations and the two sides' consensus on striving for mutual benefit and development. Trade between China and the EU demonstrates high complementarity, said Liang Ming, a researcher with a research institute of the Ministry of Commerce, adding that market demands from each side keep boosting the bilateral trade growth.

More importantly, the two sides, with enhanced economic ties, set a role model of facilitating multilateralism and free trade against stronger headwinds.

"Against the backdrop of rising trade protectionism, the stable development of the China-EU economic cooperation plays a pivotal role in stabilizing the global economy," Liang said. Presenting similar insights, Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation, said the two economies boast a solid foundation for economic and trade cooperation.

Apart from offering various opportunities to both sides, cooperation between the two economies is of particular significance amid growing trade tensions in the global economy, Bai added. With a growing emphasis on their economic and trade relationship, China and the EU are making joint efforts to promote bilateral cooperation, especially under the China-proposed Belt and Road Initiative (BRI).