The 7th Annual China-EU High-level Economic and Trade Dialogue was held in Beijing earlier today. Co-chaired by Chinese Vice Premier Liu He and European Commission Vice President Jyrki Katainen, the dialogue generated a wide breadth of consensus.

Since 2007, the dialogue has played an important role in deepening China's relations with the EU. Compared with the previous six dialogues, this year's Sino-European dialogue is of great significance, given the context that both China and the EU have been suppressed by the US trade stick.

“(The trade war) does give both sides some room for cooperation, as the number one pressing issue is how to deal with the Trump administration. For China and the EU, both sides should maintain the globalization and free trade, and we should protect the multilateral global trade. But the global trade war launched by the United States has caused a real danger to the multilateralism, and also a danger to the existing global order," Xu Qinduo, a current affairs commentator told CGTN.

In Xu's opinion, there is a responsibility for both China and Europe to work together to maintain the function of the global trading system. 

Meanwhile, the two sides can work on many other areas to shoulder responsibilities, such as maintaining the Iran nuclear deal and pushing forward the Paris agreement to fight against climate change, given the fact that Washington is retreating and has given up all the responsibilities.

At present, China and the EU have already been pushed into the corner by the United States. China is facing a huge threat from the United States to impose tariffs on 250 billion US dollars' worth of Chinese goods.

The US has imposed tariffs on the EU’s steel and aluminum products since the end of May, and has threatened to put a 20 percent tariff on imported cars. 

They have no choice but to adopt countermeasures. Therefore, supporting and promoting economic globalization has become the common voice of China and the EU.

"China and the EU are in the same boat to fight against the protectionism and unilateralism practiced by Washington. For how far the EU can go, because they are more or less the allies of the US, I don't think they want to appear to be on the front line with China against Washington, but they do share the concern; they will jointly speak out against such practices. In this sense, Brussels and Beijing will work together," said Xu.

China and the EU are both the promoters and beneficiaries of globalization and are unwilling to fight a trade war. However, since the United States is obstinate in its own way, China and Europe can only fight back in self-defense because core interests cannot be challenged.

China is now the EU's second largest trading partner behind the US and the EU has been the largest trading partner for China for 14 consecutive years. According to data released by Eurostat, the increase of exports from the EU to China accounted for 21 percent of the EU's total exports growth in 2017, far outstripping other countries.

The combined economic output of China and the European Union accounts for about 40 percent of the world's total. The two sides jointly voicing their opinions will effectively boost global confidence in fighting unilateralism and protectionism, and inject stability into the turbulent international structure.

This year marks the 40th anniversary of China’s reform and opening up, and is also the 15th anniversary of the establishment of a comprehensive strategic partnership between China and the EU. The dialogue has provided a good opportunity for China and Europe to deepen and expand cooperation.

According to the consensus released by Liu He at the press conference after his meeting with Jyrki Katainen, both sides believe that they must resolutely oppose unilateralism and trade protectionism, and prevent the declining influence that such actions may have on the world economy.

The two parties also agreed to promote the "Belt and Road" cooperation initiative with the European development strategy, promote China-EU interconnection platform, and further strengthen digital economy, e-commerce, circular economy, financial and other areas of pragmatic cooperation.

These tangible measures will make Sino-EU trade more reliant on each other, more balanced and more resilient to resist external pressure.

When the Trump administration waved the big stick of trade protectionism, it might not have thought that it was their zero-sum game thinking and selfish and unscrupulous move that pushed the United States into an unprecedented isolated position.