China-EU ties retain upward trend 
2019-06-12
China and the European Union have maintained steady development of bilateral economic relations, adding stability to the global economy shadowed by mounting uncertainties.
In the first five months this year, the EU remained China’s largest trading partner, with bilateral trade volume up 11.7 percent from a year earlier to 1.9 trillion yuan (US$276 billion), official data showed. This accounted for 15.7 percent of China’s total trade volume.
The steady trade growth is based on the interdependence of bilateral economic and trade relations and the two sides’ consensus on striving for mutual benefit and development.
Trade between China and the EU demonstrates high complementarity, Liang Ming with a research institute of the Ministry of Commerce said, adding that market demands from each side keep boosting the bilateral trade growth.
More importantly, the two sides have set up a role model for facilitating multilateralism and free trade against stronger headwinds.
“Against the backdrop of rising trade protectionism, the stable development of the China-EU economic ties plays a pivotal role in stabilizing the global economy,” Liang said.
Presenting similar insights, Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation, said the two economies boast a solid foundation for economic and trade cooperation.
Apart from offering various opportunities to both sides, their cooperation is of particular significance amid growing trade tensions in the global economy, Bai added.
With a growing emphasis on their economic and trade relationship, China and the EU are making joint efforts to promote bilateral cooperation, especially under the Belt and Road Initiative.
The China-Europe rail service, a significant part of the BRI expected to boost trade between China and Europe, has developed rapidly since it started operations, with the total cargo value rising 106 percent year on year to hit US$33 billion in 2018.
To date, the cross-border rail network has connected 62 Chinese cities with 51 European cities in 15 countries.
While Italy became the first Group of Seven member to join the BRI in March this year, other major European powers have also expressed their willingness to step up cooperation with China under the BRI.
