EU should lower barriers

The European Union (EU) should remove the barriers on export of technical goods to China, which will lead to a win-win situation for both sides, says an article in 21st Century Business Herald. Excerpts:

According to the latest prediction by the EU, the economy of the EU is expected to shrink 4 percent this year, and it probably will not recover until 2010. Meanwhile there are indications that China's economic downturn may probably bottom out soon. The EU is China's largest trading partner and technology supplier, while China is the EU's second largest trading partner. China and the EU can together achieve a win-win result in their economic recovery by enhancing cooperation.

The EU has a considerable adverse balance of trade with China because of the large scale import of consumer goods from China. As the most important source of import for hi-tech goods for China, if the EU can seize the opportunity to let China increase the import of hi-tech goods to upgrade its industries, the EU's trade deficit may get reduced.