Editor's note: CGTN's First Voice provides instant commentary on breaking stories. The column clarifies emerging issues and better defines the news agenda, offering a Chinese perspective on the latest global events.

On June 23, Chinese Premier Li Qiang addressed the Summit for a New Global Financing Pact, a gathering of more than 60 world leaders with the focus on tackling debt burdens on vulnerable countries and climate change. He gave the speech on the Paris leg of his first visit overseas as premier. The six-day trip included visit to Germany and France, and meetings with various high-level EU leaders including German Chancellor Olaf Scholz, French President Emmanuel Macron and President of European Council Charles Michel.

The fact that Li's first overseas trip is to Europe is telling. Over the past several years, with the increasing geopolitical tension between China and the United States, China-EU relationship remained a crucial pillar in the international system despite occasional frictions and conflicts. China-EU trade was valued at about $821.24 billion in 2022, an increase of 5.6 percent year-on-year. German companies, in particular, invested a record-breaking $12.5 billion dollars in China in the same year.

Ola Kaellenius, Chairman of the Board of Management of Mercedes-Benz Group AG, said in an interview this year that "we have enjoyed very strong and productive relationships with local partners in China for many years and all the communication channels. We would just like to continue that."

Li Qiang's visit reinforces the importance of China-EU relationships. At the 11th China-Germany Economic and Technical Corporation Forum, Li said that the Chinese "don't think it's risky to drive in a Volkswagen, nor do we think it's unsafe to get a CT by Siemens equipment." And his speech at the Summit for a New Global Financing Pact showcases China's determination to work with Europe in strengthening cooperation between the two sides and injecting a sense of stability into the international system. "China and Europe should cope with the uncertainty of the international situation with the stability of China-Europe relations, and jointly promote the sustainable development of mankind," Li said.

As the international community deals with increasing and persisting uncertainties from geopolitical conflicts, mutual development, a concept that was once deemed as the constant of international liberalization and globalization, is now under serious challenge. The United States, once a global leader, is now going down the narrow path of geopolitical confrontation. From China to Russia to the Middle East, the United States have become more and more unashamed of putting what it sees as its "national interest" first instead of analyzing problems from a global angle.

Even though knowing that confrontations have led to severe disruption to the global market that has caused economic setbacks and hunger, the U.S. is still undistracted by the needs of the world, particularly the developing nations, and charging down a dangerous road. When it sees Latin America's relationship with China rapidly grows, it sees it as a threat instead of opportunities to inject some stability and prosperity into what it has always considered its "backyard." When it sees European companies trying to secure their interests by investing in China, it sees it as a threat that needs to be dealt with heavy-handedly. Expanding influence by another major power, though proven to be helpful to global stability, is seen by the United States as a challenge and a danger.

China takes a different view. Li urged that the International Monetary Fund, the World Bank and other international financial institutions should complete a new round of reform on quota and voting rights, and increase the voice of emerging markets and developing countries. He also urged developed countries to fulfill their promises to provide aid and financial support for developing countries.

During his speech, Li emphasized that China, together with the international community, pushes for trade and investment liberalization and facilitation, and opposes protectionism and decoupling and disrupting supply chains in any form. As unilateralism and protectionism spread, someone has to stand for international cooperation and the pursuit of mutual development.

China has been steadfast in promoting this kind of global order. Europe, though having to deal with pressure from across the Atlantic, has also been finding ways to pursue an independent foreign policy. As two of the world's largest economies, it will rest upon these two to find a way forward.

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on Twitter to discover the latest commentaries in the CGTN Opinion Section.)