Key takeaways from 24th China-EU Summit

China and the European Union (EU) on Thursday agreed to maintain the strategic stability of China-EU relations, continue mutually beneficial cooperation and jointly address global challenges. The agreement came following the 24th China-EU Summit. 

Chinese President Xi Jinping met with European Council President Charles Michel and European Commission President Ursula von der Leyen, and Chinese Premier Li Qiang co-chaired the summit with the EU leaders.

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Speaking to reporters about the meetings on Thursday, Wang Lutong, director-general of the Chinese Foreign Ministry's Department of European Affairs, said the leaders of the two sides had extensive face-to-face talks.

"They had an in-depth and candid exchange of views on strategic issues concerning China-EU relations, China-EU dialogue and cooperation, our respective key concerns, as well as on global governance and international and regional hotspot issues," said Wang.

The summit has deepened strategic communication between China and the EU, and displayed the impact and significance of China-EU relations worldwide, injecting constructive factors and stability to the world, he added.

'Not targeted at any third party'

Wang said both sides agree to maintain the strategic stability of China-EU relations, and the EU side reiterated its commitment to developing constructive and stable relations with China.

"China-EU relations in the past 20 years have proved that we are partners, not rivals," he said. "We agree much more than we disagree. Our cooperation far outweighs our competition."

The China-EU relationship is "highly resilient and internally driven," he continued. "It is not targeted at, subjugated to, or controlled by any third party."

China is ready to work with the EU to make the relationship more stable, constructive, and beneficial to both sides and make it contribute more to the stability, development and prosperity of the Eurasian continent and the whole world, added Wang.

Committed to two-way openness

China and the EU reaffirmed their commitment to two-way openness, and expressed opposition to decoupling and severing supply chains, said the Chinese diplomat.

"Both have stated that we would choose dialogue and consultation to handle differences," he said.

Over the past two decades, China and the EU have developed broad-based, all-dimensional, multi-tiered cooperation, he noted.

"Our two-way trade has grown by six times, and our two-way investment by over five folds. Our daily trade volume is about 2.3 billion euros on average, delivering tangible benefits to people of both sides," said Wang.

Both sides agreed to convene new high-level strategic, economic and trade, environment and climate, and digital dialogues at an appropriate time. They also agreed to hold an economic and financial dialogue, industrial dialogue, regional policies dialogue, competition policies dialogue and the first meeting of China-EU working group on financial cooperation, and deepen cooperation in economy and trade, the environment and climate, geographical indications and intellectual property rights.

The two sides will make good use of the export control dialogue mechanism, explore the establishment of a critical raw materials warning mechanism, and build a stable and reliable supply chain partnership, said Wang.

The two sides also agreed to strengthen cooperation in carbon emissions trading, supporting the extension of the MOU to Enhance Cooperation on Emissions Trading, and restore people-to-people exchanges at a faster pace.

Support for multilateralism

Wang said China and the EU have expressed support for multilateralism.

The two sides agreed to strengthen communication and coordination in multilateral forums such as the United Nations, promote necessary reforms of the World Trade Organization (WTO), cope with global challenges such as food security, climate change and public health, and work for positive outcomes from COP28.

Both sides also agreed to enhance communication and coordination on major international and regional issues.

On Ukraine, the Chinese side will stay committed to promoting talks for peace, working for political settlement and supporting the EU side in playing an important role, said Wang.

China raises concerns over EU trade policies

The Chinese side has expressed concerns to the EU side on its "de-risking" and restrictive economic and trade policies, including the anti-subsidy investigations against Chinese electric vehicles (EV) as well as its 5G policies, said Wang.

The Chinese side, according to Wang, has urged the EU to ensure openness of its trade and investment market, provide an equitable and non-discriminatory business environment for Chinese enterprises, and be prudent in using trade remedies.

"The Chinese side has stressed that the Chinese EV industry did not develop on the basis of government subsidies, but has benefited from its own technological innovation and improving competitiveness," he said.

Wang added that the Chinese side has pointed out that subsidies are an industrial policy tool commonly used by various countries. He noted that the EU has been loosening restrictions on subsidies in recent years, and has provided about six billion euros of subsidies for its battery industry alone.

China's new energy industry is internationally competitive and can play an important role in EU's green transition and global fight against climate change, he said.

"It is hoped that the EU will not take trade protectionist measures at the excuse of 'industrial overcapacity'," said Wang.

The EU side has committed to not decoupling from China or turning inwards, and following WTO rules and the principle of fair play, according to Wang.

On the Taiwan question

During the meetings, the Chinese side also elaborated on its principled position on the Taiwan question and other issues, said Wang.

China has stressed that the EU needs to show its commitment to the one-China principle and the principle of non-interference in other countries' internal affairs, a basic norm governing international relations, with real actions, with a view to upholding the political foundation of China-EU relations, he said.

The Chinese side also briefed the EU side about China's economic situation and positive prospects, he added.

(Cover: Wang Lutong, director-general of the Chinese Foreign Ministry's Department of European Affairs, speaks at a press briefing about the 24th China-EU Summit in Beijing, China, December 7, 2023. /CMG)