A passenger walks at Roma Termini Train Station in Rome, Italy, June 3, 2020. (Xinhua/Cheng Tingting)

Cooperation between China and major European economies has become increasingly important than ever, not only for the two sides but also the global economy, as highlighted by a record fall in GDP in the Organization for Economic Co-operation and Development (OECD) area, Chinese analysts said. 

The OECD, which consists of 37 relatively developed economies, said Wednesday that GDP in OECD economies saw an "unprecedented fall" of 9.8 percent in the second quarter. GDP growth among its European member economies saw significant falls, including a 12.4-percent drop in Italy's GDP and a 9.7-percent fall in Germany's GDP. 

Overall, GDP in the EU fell 11.7 percent in the second quarter from the previous quarter, according to the OECD. 

Other advanced economies have also seen sharp GDP falls, including 9.5 percent plunge in annualized growth in the US.

Given the sharp declines stemming from the COVID-19 pandemic, it has become more pressing for China and EU, which appear more keen to cooperate on economic and trade than some other major economies, to push for accelerated resumption of trade and economic cooperation, Chinese experts said.

"Under the impact of the epidemic, recovery in the European market's internal demand is insufficient to restart growth; therefore, it needs to rely on external markets, strengthening trade with China to boost economic growth," Deng Yu, senior research fellow of the Atlantis Financial Research Institute, told the Global Times, noting that China is the EU's second-largest trading partner.

However, China also needs to strengthen cooperation with the EU, particularly in trade and  advanced technologies, as the US continues to crack down on Chinese tech companies, Deng noted. "Cooperation between the two sides is just very natural," he said.

Chinese Foreign Minister Wang Yi is currently on a five-country tour of Europe to strengthen bilateral ties. The trip includes stops in Italy, the Netherlands, Norway, France and Germany. Wang will push for economic and trade cooperation between China and his host countries as well as the EU, including negotiations for a widely anticipated bilateral investment treaty.

Global Times 


Newspaper headline: Partnership with EU crucial for economies to emerge from pandemic