China criticizes EU export policy ahead of summit in Beijing
One day before the summit meeting with EU representatives, China has dismissed Brussels' export policy as nonsensical. "If the European side imposes serious restrictions on the export of high-tech products to China on the one hand and hopes to significantly increase exports to China on the other, this is not necessarily in line with common sense," said Foreign Office spokesperson Wang Wenbin.
The background to this is the enormous trade deficit to China's advantage. It will be a topic at the meeting of the EU delegation led by Council President Charles Michel and Commission President Ursula von der Leyen with Chinese head of state and party leader Xi Jinping on Thursday.
Before departing for Beijing, von der Leyen had said: "The heads of state and government in Europe will not tolerate the imbalance in trade relations in the long term." The EU has instruments to protect its market, but prefers a negotiated solution.
According to EU figures, the trade deficit recently amounted to almost 400 billion euros. Wang Wenbin argued on Wednesday that the data did not reflect the actual distribution of trade between Europe and China. More than a third of the export volume of European companies in China goes back to Europe. Therefore, according to him, it appears that China has a trade surplus, but Europe receives a "considerable" share of the profits.
In addition to the trade deficit, the EU representatives also want to address the unfair competitive conditions for European companies in China. Conversely, China is likely to bring up Brussels' ongoing investigation into Chinese e-car subsidies and the EU economy's plans to become less dependent on China in critical areas.
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- Despite China's criticism of the EU's export policy, the EU delegation, led by Council President Charles Michel and Commission President Ursula von der Leyen, is set to discuss the substantial trade deficit with China at the summit meeting in Beijing on Thursday.
- The EU exports a significant portion of its export volume in China back to Europe, according to Foreign Office spokesperson Wang Wenbin's argument, which contradicts the perception of a large trade deficit in favor of China.
- At the summit meeting, the EU is also expected to raise concerns about the unfair competitive conditions for European companies in China, while China may bring up Brussels' ongoing investigation into Chinese e-car subsidies and the EU's plans to reduce dependency on China in critical areas.
Source: www.ntv.de
