China-EU cooperation

The broad consensus reached by China and the European Union (EU) at the second China-EU high level economic and trade dialogue will boost both sides' confidence in tackling the current financial crisis and inject new impetus into efforts to revive the global economy.

During the two-day dialogue, which was concluded in Brussels on May 8, China, the world's largest developing country, and the EU, the world's largest economy, agreed to cooperate on a wide range of issues, such as investment, development of small and medium-sized enterprises, energy, environment, climate change, high-tech trade, intellectual property protection, product quality, food security, customs and transportation. They also rejected protectionism in trade and investment.

Such cooperation will not only boost global confidence in weathering the current crisis but also set a good example for enhancing bilateral and multilateral cooperation for the rest of the world.

Working together has become more important in the face of severe challenge. According to the latest prediction by the EU, the bloc's economy is expected to shrink some 4 percent this year. China's economic growth pace is also likely to slow down.

In such a situation, the China-EU commitment to forge ahead together undoubtedly inspires economic and business circles in both economies.

The EU has many advanced sectors compared to China. The EU is expected to enhance cooperation with China in areas they have obvious edges to produce win-win results and relax its restriction on hi-tech exports to China.

Both sides also agreed to reject trade and investment protectionism to safeguard an open environment for trade and investment.

Such consensus is of paramount importance since, as the economic situation deteriorates, many regions in the world are witnessing a surge in trade protectionism.

Trade protectionists pursue short-term interests, harm the interests of other nations and will eventually harm the overall interests of all parties concerned.

The EU is expected to take concrete measures to clear barriers to trade and investment.

Xinhua

(China Daily 05/18/2009 page2)