China and EU Signal Readiness for Closer Economic Governance Cooperation
China expresses willingness to partner with the EU on global economic governance and macro policy as both sides navigate growing trade imbalances.
POLICY WIRE — Hong Kong, China — China has expressed its willingness to engage in deeper dialogue with the European Union to enhance communication regarding macro policy coordination and global economic governance, according to the nation’s finance minister who spoke with key bloc officials.
This openness toward closer collaboration comes amid ongoing trade tensions and concerted efforts to achieve a more balanced economic relationship. In parallel, the European Economic and Social Committee advocated for a forward-looking, balanced, and people-centric strategy for EU-China relations, emphasizing the urgency of tackling escalating trade disparities, fighting poverty, fostering human-centric artificial intelligence, and keeping human rights channels open.
During the 25th EU-China summit, top leaders addressed bilateral ties while prioritizing cooperation on pressing international challenges like climate change, with European officials emphasizing the necessity of rebalancing trade dynamics. Both leadership teams concurred that the European Union and Beijing share a mutual obligation to support the international rules-based order and reinforce multilateral cooperation.
The momentum builds on a breakthrough agreement reached Friday, when senior trade negotiators from China and the European Union finalized a broad initial framework following two days of intensive discussions designed to defuse mounting trade friction.
The European Commission plans to push Beijing for concrete commitments to bridge the expanding trade gap, expecting initial measures by early October. Meanwhile, the European Union maintains its adherence to the one-China policy and intends to collaborate on preparations for the upcoming summit, aiming to foster mutual understanding and cultivate a fairer economic partnership.
These initiatives stem from comprehensive deliberations held on June 19, when heads of state directed the Commission to tackle global macroeconomic imbalances and mandated measurable outcomes by October regarding the mounting trade deficit and Chinese industrial overcapacity.
Reporting by Policy-Wire (PW)
