China-EU economic cooperation to inject confidence in global prosperity, stability: FM
Published: Mar 03, 2023 02:23 AM
The China-Europe freight train. Photo: VCG

The China-Europe freight train. File Photo: VCG

The mutually beneficial economic and trade cooperation between China and the EU will inject more confidence and hope for global prosperity and stability, Chinese Foreign Ministry spokesperson Mao Ning said on Thursday.

Germany is China's largest trading partner in the EU bloc and the close economic and trade ties between the two countries is an epitome of such ties between China and the EU, Mao said, responding to a report analyzing the fallout of a hypothetical "decoupling" between China and the EU.

The Kiel Institute for the World Economy recently released a report stating that a decoupling of the EU from China, resulting in a 97-percent reduction in trade, would cause a 1-percent long-term reduction in German economic output. This equates to a loss of value added worth €36 billion ($38.2 billion) annually, according to the report.

Citing Germany's statistics, Mao introduced at the press conference that trade between China and Germany grew about 21 percent year-on-year to 297.9 billion euros in 2022, with China being Germany's most important trading partner for seven consecutive years. Mao emphasized that German leaders have repeatedly spoken out against any form of decoupling.

Despite the challenges, China-EU trade increased by 5.6% in 2022, and EU investment in China rose 96.6 percent year-on-year, while the China-Europe Railway Express set a new record for trips made.

In 2014, the first "Yiwu-Xinjiang-Europe" China-Europe freight train departed Yiwu in East China's Zhejiang Province, passed through German city of Hamburg and other cities, and headed to Madrid, Spain, breaking the record for the longest rail transport service in the world.

On September 26, 2022, a China-Europe freight train left Hamburg for Shanghai in China, carrying German firms' exhibits to the 5th China International Import Expo, where more than 2,800 companies from 127 countries and regions gathered and showcased their new and most advance products.

"We believe that with China emerging from the shadow of COVID, China and the EU will fully resume face-to-face exchanges at all levels and activate dialogue and cooperation in various fields, giving a swift and strong boost to the China-EU comprehensive strategic partnership and mutually beneficial economic and trade cooperation between the two sides," Mao said, stressing that this will surely bring more confidence and hope for global stability and prosperity.

Global Times