Published by Global Banking and Finance Review
Posted on January 14, 2025
BEIJING (Reuters) - China and the European Union have a robust "symbiotic" economic relationship and Beijing hopes the bloc can become "a trustworthy partner for cooperation", President Xi Jinping told European Council President Antonio Costa on Tuesday.
As long as China and Europe respect each other, treat each other as equals and engage in sincere dialogue, they can "advance cooperation and achieve great things", Xi was reported by state broadcaster CCTV as saying in a phone call with Costa.
Xi’s remarks come as the world’s second-largest economy gears up for impending U.S. tariff hikes on Chinese products after the swearing in of Donald Trump as the next U.S. president on Jan. 20.
China and Europe should strengthen strategic communication and enhance mutual trust as the international situation becomes more severe and complex, Xi said.
Economic and trade cooperation between the two sides is complementary and mutually beneficial, and they should create new points for expanding cooperation, Xi said.
Tensions remain heightened between China and the EU over the latter's tariffs on Chinese electric vehicles, while China and the U.S. have been trading barbs and tit-for-tat measures to limit the exports of tech and critical materials to each other.
The Biden Administration said earlier this week that it would further restrict artificial intelligence chip and technology exports, maintaining a block on exports to countries including China.
China's commerce ministry and semiconductor industry association have criticised the new U.S. regulations, with the association on Tuesday calling on the global tech industry to resist the Biden Administration's "technological hegemony".
(Reporting by Beijing Newsroom, editing by Ed Osmond and Sharon Singleton)
