What’s new: China is willing to import more “marketable” products from the European Union as part of an effort to establish a more balanced trade relationship with the bloc, Premier Li Qiang said at a meeting with the European Commission chief.
Li also called on the EU to ease export restrictions on high-tech products to China and be “prudent” in introducing restrictive economic measures and deploying trade remedies, according to a foreign ministry statement released following Tuesday’s meeting at the annual World Economic Forum gathering in Davos, Switzerland.
“China is willing to work with the European side to jointly abide by the basic norms of market economy, such as free trade, fair competition, and openness and cooperation,” the statement said.
European Commission President Ursula von der Leyen reiterated during the meeting that the EU does not intend to “decouple” from China, adding the bloc is willing to work with China on tackling climate change and furthering exchanges between their peoples, according to the statement.
The background: Trade tensions between China and the EU — which are each other’s second largest trade partner — have grown in the months since the bloc opened an anti-subsidies probe into new Chinese electric vehicles last fall. China responded with an anti-dumping investigation into liquor products from the European Union, which started earlier this month.
Previously, the EU had called for Beijing to reduce the bloc’s trade deficit with China, which stood at nearly 400 billion euros ($427.8 billion) in 2022.
Contact reporter Kelly Wang (jingzhewang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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