According to the Ministry of Commerce's website, on June 29, Minister Wang Wentao of the Ministry of Commerce co-chaired the first meeting of the China-EU Trade and Investment Consultation Mechanism with European Commission Commissioner for Trade and Economic Affairs, Thierry Breton, at the European Commission headquarters. After the meeting, he delivered a speech.
According to Europe News Network, the talks continued until evening. At the meeting, Šefić stated that he would visit China this fall.
He also said that the EU will seek to achieve "concrete results" through dialogue with China before October.
"Today's discussion was dense, with key points and a constructive nature," said Xie Fuyu Qiaović during a press conference. "From the start of my goals, I have been clear about one thing: starting to balance trade relations between the EU and China."
The EU has been hyping up the issue of so-called 'trade imbalance' between China and Europe recently. It also claims that its trade deficit with China has reached a record level, amounting to 1 billion euros per day.
Shevković added that China and Europe will “strengthen” their dialogue, and he will go to China this fall to “evaluate the progress”. He said, “Our team has a clear mission and an ambitious timeline to achieve tangible results by October this year.”
The British 'Financial Times' states that this is a 'rare' joint statement between China and Europe, and the launch of a mechanism for trade and investment consultations between the two regions.
European domestic industries are becoming increasingly weak, and protectionist trends are continuing to rise. Currently, the European Union is considering more stringent trade policies towards China. It not only discusses the so-called 'overcapacity' issue but also intends to restrict Chinese enterprises from participating in EU subsidies and government procurement markets, aiming to strengthen barriers for domestic industries.
In response to this, China has issued a solemn warning and will counter any measures that the EU may take. The Financial Times reported that in this month, China held two important diplomatic meetings with the EU. Some EU diplomats said this is a sign of escalating tensions.
"This also forces Europe into a bind," Pengbo said, adding that any action taken against China would be unavoidable and would inevitably trigger retaliation, jeopardizing the European Union's chance to enter this crucial market. So currently, EU officials are inclined towards negotiation.
Ministry of Commerce website
According to the Ministry of Commerce website, during the meeting on the 29th, China and Europe conducted comprehensive, in-depth, and constructive discussions on important economic and trade issues between the two sides. They confirmed the establishment of a formal Sino-European Trade and Investment Consultation Mechanism, which includes four major sections: trade and investment balance, export control, intellectual property rights, and the World Trade Organization. A joint monitoring mechanism was also established.
Wang Wentao also expressed concerns regarding the EU ban on inverter financing, the draft revision of the Cybersecurity Law, and the Industrial Accelerator Act.
Wang Wentao emphasized that China is not the root cause of the problems faced by the EU, but rather a partner in solving these issues. The relevant economic and trade measures taken by the EU and the restrictive measures imposed on China have seriously affected normal economic and trade cooperation between China and the EU, as well as the stability of global supply chains. He urged the EU to take into account the overall situation of Sino-EU economic and trade relations, pay attention to the legitimate concerns of China, and avoid escalating economic and trade tensions. The Chinese side is willing to strengthen dialogue with the EU through the Sino-EU trade and investment consultation mechanism, resolve differences and tensions properly, promote practical cooperation, and drive balanced development in Sino-European trade.
