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China-EU cooperation far greater than competition: commerce ministry

Abstract : China's Ministry of Commerce on Friday stressed that China and the European Union (EU) are partners rather than rivals, and the cooperation between the two sides is far greater than any competition.

BEIJING, Feb. 26 (Xinhua) — China’s Ministry of Commerce on Friday stressed that China and the European Union (EU) are partners rather than rivals, and the cooperation between the two sides is far greater than any competition.

China wishes to work together with the EU to safeguard and develop a multilateral trading system, the ministry said via a press release in response to a trade policy document released by the European Commission on Feb. 18.

China appreciates that the EU will continue to advocate multilateralism and a rules-based international order, support trade policies that feature openness and engagement, and attach importance to economic and trade relations with China as always, as stated in the document, said the statement.

However, it must be pointed out that the EU’s claim that China pursues “a distinct state-capitalist model,” which “poses increasing challenges for the established global economic governance system,” is not true, the ministry said.

It is also groundless to say that a key driver of the crisis the World Trade Organization (WTO) faces is that China’s accession to the organization has not led to its transformation into a market economy.

China firmly rejects such claims and accusations, said the ministry.

China has been building a socialist market economy in an all-round way, letting the market play a decisive role in resource allocation and giving full play to the role of the government.

History has shown that the country’s economic governance system contributes Chinese wisdom to global economic governance, said the press release.

The ministry said China has always been an active participant, firm supporter and important contributor to the WTO. The root causes of the current WTO crisis are unilateralism and protectionism.

At a time when the WTO faces serious challenges, China and the EU should work together to safeguard the authority and representativeness of the multilateral trading system, and strengthen solidarity and enhance trust among WTO members, said the commerce ministry.

According to the document, the EU will adopt stricter restrictions in foreign investment screening, export control, public procurement and foreign subsidies.

China hopes that the EU will increase its policy transparency, maintain fairness, justice and non-discrimination, and avoid hindering normal international trade and investment, the ministry said, adding that different social systems and economic models should not prevent the two sides from carrying out mutually beneficial cooperation.

China is ready to work with the EU to strengthen dialogue, deepen cooperation and properly handle differences to push for the steady and long-term development of China-EU economic and trade relations.

China hopes that the EU will continue to adhere to free trade and multilateralism, work with China to oppose unilateralism and protectionism, and facilitate the recovery of the world economy at the earliest possible date, said the ministry. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China-EU cooperation far greater than competition: commerce ministry

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