Borrell: China-EU economic relations far from satisfactory

The level of economic relations between China and the EU is far from satisfactory, but the EU hopes to interact with China on major international challenges, EU High Representative for Foreign Affairs and Security Policy Josep Borrell wrote in an opinion article for the South China Morning Post, Report informs.

“On the economic front, our relationship is currently far from satisfactory. We are a major export market for China, but this relationship has for many years been an imbalanced one, and that imbalance continues to worsen,” Borrell wrote.

Borrell believes that the growth of this imbalance is largely due to the constant difficulties that European companies face when entering the Chinese market.

“We have raised these difficulties repeatedly with the Chinese authorities. We have observed a recent sharp downturn in European investment in China. Without better access to the Chinese market, European investors are turning away,” Borrell wrote.

“If the European public think that trade imbalances with China are endangering key sectors of our industry, they will demand more protectionist measures. It is therefore in our common interest to address the imbalances in our trade relations.”

He also said that the EU is not seeking to curb China’s rise.

“We do not seek to curb China’s rise globally. On the contrary, we want China to become more involved in global issues such as climate change, health, and debt relief in developing countries. We wish to cooperate with China on all major global challenges, which is why any form of decoupling is not only undesirable but also impossible,” Borrell wrote in the article.

“Europe takes China seriously. It expects the same in return. Despite our differences, there is scope to work together. It is up to us to broaden that scope together. That is the purpose of my visit.”

Borrell is currently on a visit to Beijing, and as part of the trip, which will end on October 14, he will meet with a number of Chinese politicians. Borrell will also give a speech at Peking University and will also take part in the 12th meeting of the EU-China High-Level Strategic Dialogue.