It was in 1975 that the European Union and China established diplomatic relations. The world is very different now, and the hope is that trust and trade can continue to grow. CGTN’s William Denselow reports from Brussels.
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00:00It's a relationship that has evolved dramatically over the past five decades.
00:06Today, bilateral trade between China and the European Union stands at over 750 billion dollars.
00:14According to 2023 figures, roughly 20% of the EU's imported goods came from China.
00:20That's more than anywhere else.
00:23Experts say the focus on broader trade has shifted to the tech sector and the green economy.
00:30Both China and the EU, they set very ambitious goals with regard to the emission peak and climate neutrality.
00:40And we have clear roadmap when the two sides will achieve that.
00:46So very clear roadmap. And now it's about implementation.
00:50But there are bumps in the road.
00:52Last year, the EU imposed additional tariffs of up to 35% on Chinese-made electric vehicles.
00:59The bloc says Chinese subsidies have created an unfair playing field.
01:04Beijing rejects this and says the EU's protectionist policies are harming its green transition.
01:11The European Union describes China as both a partner for cooperation and a systemic rival.
01:18While seeking to de-risk the bloc's economy, Commission President Ursula von der Leyen says the EU should seize the opportunity to engage with China.
01:28The EU says it's seeking to expand mutually beneficial trade and investment ties.
01:34But the trade deficit amounts to over 300 billion dollars in China's favor.
01:39And officials say addressing asymmetries in the relationship remains a priority.
01:45We have made very clear where we see the potential in the EU-China relationship.
01:52We've also been very clear about where we see the challenges and where we would need to see some movement from China on, for example, market access issues, the business environment in China and so on.
02:03Some analysts say rising trade tensions with the US have heightened the need for fresh approaches.
02:09Europe cannot go it alone. And that's the reality of it.
02:13This sense of pulling up the drawbridge and we'll produce everything in the EU is simply naive and it's politics.
02:21It's a faux term to provide some sort of safety.
02:25The EU insists that when mutual interests align, it's open for business.
02:30There are hopes that this year's milestone of diplomatic ties between China and the EU can serve as a platform to break down barriers and start to rebuild trust.
02:42William Denslow, CGTN, Brussels.