China, France extend economic, trade cooperation on past achievements

Chinese President Xi Jinping arrived in Paris on Sunday for a state visit to France, coinciding with the 60th anniversary of diplomatic ties between China and France. 

In the past five years, China and France achieved significant results in economic and trade cooperation.

China-France trade continues to grow

In 2023, bilateral trade between the two countries reached $78.9 billion, an average annual growth of 5.9 percent since 2019. 

China is France's largest trading partner in Asia, while France is China's third-largest trading partner in Europe.

From French farms to Chinese dining tables, France is China's largest source of agricultural imports in the EU. In 2023, China imported 46.95 billion yuan ($6.5 billion) worth of agricultural products from France.

Supported by a rise of e-commerce, China's consumer imports from France grew 12.3 percent annually during the past five years. A study by SDA Bocconi School of Management in Italy showed that from 2019 to 2022, French exports to China on Chinese e-commerce platforms such as Tmall and Taobao Global amounted to 41 billion euros ($44 billion), roughly equal to the total annual exports from Italy, Spain and Germany to China.

Meanwhile, Chinese e-commerce platforms such as Shein and Temu have boosted Chinese exports to France.

Expanding China-France cooperation on innovation

China's imports of material technology products, biotechnology products and integrated circuits from France grew annually by 38.8 percent, 13.9 percent and 14 percent, respectively, in the past five years. France is China's major source of imports for aircraft and aerospace components, consistently accounting for around 30 percent of China's total imports of the same kind.

A joint statement by China and France was released last year to cement their commitment to advancing nuclear cooperation based on the agreement between the Atomic Energy Authority of China and the French Alternative Energies and Atomic Energy Commission.

"Our two countries can deepen cooperation on innovation and jointly promote green development," wrote Xi in an article published Sunday in the French newspaper Le Figaro, noting that France is advancing re-industrialization based on green innovation while China is accelerating the development of "new quality productive forces."

Enhancing two-way market access

In the article, Xi affirmed the Chinese government's support for Chinese companies investing in France and called on the French government to ensure a fair and equitable business environment.

By the end of 2023, French investment in China has reached $21.64 billion while Chinese investment in France reached $4.84 billion. A 2023 survey of French companies in China conducted by the French Chamber of Commerce and Industry in China revealed that nearly half of surveyed companies are planning to further invest in China.

French direct investment in China in the first two months of this year surged 585.8 percent year on year, according to data released by China's Ministry of Commerce.

(With input from Xinhua)