The Trade And Economic Cooperation With European Union

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It is reported that China's Ministry of Commerce (CMOC) called for enhanced

trade and economic cooperation between China and the European Union (EU).

People's Daily interviewed that Gao Hucheng ,the Ministry of Commerce International Trade Representative(MOCITR) reviewed the current trade and economic relationship between China and the EU, pinpointing the areas where more efforts could be made on both sides to further cooperation.

In the past 35 years since China and the EU forged diplomatic ties, the relations between the two sides went from "constructive partnership" to "comprehensive partnership" and the now "comprehensive strategic partnership." Wednesday's People's Daily, Gao said.

Gao said that the trade between China and the European Union had become one of the most active and influential bilateral relations in the world.

He said that leaders of China and the EU have been exchanging official visits frequently, this year alone, seven of top Chinese leaders, including President Hu Jintao and Premier Wen Jiabao, paid official visits to over a dozen EU countries.

It is said from Gao that Trade cooperation between China and the EU has been speeding up. When China established diplomatic relations with the EU in 1975, annual trade was at 2.4 billion U.S. dollars, the volume of about two days between two sides this year. In the past 35 years, trade volume has grown over 150 times.

According to China's statistics, China-EU trade amounted to 433.9 billion U.S. dollars in the first 11 months of this year, up 33.1 % from last year, a growth rate higher than that of China-Japan and China-U.S. trade.

According to statistics released by the EU, its exports to China rose 4 % in 2009 despite the economic recession and decreased export to the rest of the world. EU's total investment in China has exceeded 70 billion U.S. dollars so far, making the EU China's third largest source of foreign investment.

Communication between people on two sides has grown substantially over the years. Nowadays nearly 200,000 Chinese students are studying in the EU countries and some 150,000 EU nationals are working in China. Over a million Chinese tourists travel to the EU countries every year.

It is pointed out by Gao that as the largest developing country in the world with fast economic growth, China could forge complimentary economic ties with the EU, as they stand at different places in economic development.

Gao said it on future economic policies that China was committed to expanding its domestic demand, adjusting its economic structure, and continuing its open-door policy, which is indispensable to China's development. He said the country's on-going economic reform offered great potential for investment and consumption, and gave other countries, including those in the EU, excellent business opportunities.

Gao encouraged politicians and entrepreneurs on both sides to take a more holistic view of China-EU economic and trade relations and cooperate more actively in many sectors of the economy.

The world economy is beginning a slow recovery, however, there are still many unstable and uncertain factors, Gao said, adding that China and the EU should continue to strengthen cooperation in the following aspects in a bid to deal with challenges more effectively.

by: Chris Wood

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