MNI BRIEF: China Agrees Trade Needs Rebalancing-Von der Leyen
China-EU working group to examine proposals to rebalance trade.
Top Chinese leaders have agreed that trade with the EU needs to be balanced, EU President Ursula von der Leyen told a press conference in Beijing at the end of the EU-China Summit.
Von der Leyen said a China-EU working group would investigate a joint list of proposals aimed at rebalancing trade that she had agreed with Chinese counterparts. The list included items involving medical instrument and agricultural equipment industries. (See MNI: China Plans EU EV Production To Avoid Trade War)
"China needs to provide more market access and improved investment opportunities for EU firms," she said, adding the EU would not tolerate the erosion of its industrial base due to unfair trade practices.
The EU told China it did not wish to de-couple but wanted to de-risk given lessons learnt during Covid and the Ukraine war, as well as rising geopolitical tension.