Costal Visit to China: A Fresh Endeavor for EU-China Economic Relations
Costa and von der Leyen to pay visit to China - Costa and Leyen to Visit China, As Per Chinese Announcement
China's zeal for its ties with the EU, seen as a "valuable anchor" in the global economy's tempest, has ignited excitement for the forthcoming visit of Ursula von der Leyen and António Costa. Lin, a key figure in China’s political circle, declared that the purpose of the visit is to boost dialogues and collaboration between China and the EU.
Warmly congratulating von der Leyen and Costa on their half-century of bilateral relations, Chinese President Xi Jinping expressed his enthusiasm for increased cooperation, as per Chinese state television CCTV on Tuesday. Xi advocated for partnership between China and the EU in upholding multilateralism, safeguarding fairness and justice, and jointly battling global challenges.
The U.S. President, Donald Trump, kicked off a trade war with China after his inauguration in January, imposing stiff tariffs on Chinese imports. He also slapped tariffs on goods from the European Union. Against this backdrop, Peking is making strides to establish itself as a stalwart in global trade.
Crucial Intentions Behind the Visit
- Intensifying EU-China Economic Ties: The EU and China share a substantial trade relationship, despite the U.S.-China trade disputes. The visit could concentrate on improving economic cooperation and uncovering mutually advantageous economic prospects, such as expanding EU exports to China and joining forces on infrastructure projects.
- Addressing Trade Controversies: Given the U.S.-China trade tensions, the EU might attempt to capitalize on its standing as a significant trade partner to China, potentially influencing China’s trade policies and negotiating advantageous terms for EU exports.
- Confronting Unilateral Tariffs: China has signaled its intention to team up with the EU to resist U.S. coercive tariffs, implying a potential union to safeguard global free trade principles[2].
Likely Outcomes
- Trade Accords and Protections: The EU could negotiate trade agreements incorporating safeguards to shield European industries from Chinese market flooding, potentially resulting from Chinese overcapacity[1].
- Boosting EU Exports: The EU may strive to heighten its exports to China, leveraging its exclusive products that China struggles to mimic, such as advanced engineering components[1].
- Enhanced Global Trade Cohesion: The visit may lead to enhanced cooperation between the EU and China on global trade issues, potentially fostering a more unified opposition to unilateral tariffs and championing multilateral trade agreements[2].
- Economic Synergy: The visit might underline a closer economic relationship between the EU and China, in accordance with Xi Jinping's push for economic synergy and mutual support in global trade policies[2].
In essence, the visit seeks to navigate the intricate trade landscape while fostering a more cooperative and harmonious economic relationship between the EU and China. 🚀🚀🚀
References
- https://www.scmp.com/economy/global-economy/article/3034820/how-european-union-could-counter-chinas-dumping-steel- onto-global
- https://www.ft.com/content/6306d97a-dd4a-11e9-97ae-7352f1e2e75e
- The Commission has also been asked to submit a proposal for a regulation on the protection of the environment, considering the importance of economic stability and sustainability in EU-China relations.
- During their visit, Ursula von der Leyen and António Costa may discuss policies aimed at promoting fair trade and combating unilateral tariffs, given the ongoing trade tensions between the US and China.
- The anniversary of the policy-and-legislation collaboration between China and the EU provides an opportunity to reflect on the past and propose strategies for future environmental protection policies.
- As part of the general news coverage of the visit, analysts may discuss the potential impact of increased EU-China cooperation on global trade and the stability of the world economy.
