Trade between China and the European Union reached $847.3 billion in 2022, up 2.4 percent year on year, meaning trade between the two sides exceeded $1.6 million per minute, Vice Minister of Commerce Li Fei said on Tuesday.
Li Fei said at a press conference held by The State Council Information Office on the same day that under the guidance of the heads of state’s diplomacy, China-Eu economic and trade cooperation has overcome various difficulties and achieved fruitful results in recent years, vigorously promoting the economic development of both sides.
Bilateral trade reached a record high. China and the EU are each other’s second largest trading partner, and their trade structure has been improved. Trade in green products such as lithium batteries, new energy vehicles and photovoltaic modules has grown rapidly.
Two-way investment has been expanding. By the end of 2022, China-Eu two-way investment stock had exceeded 230 billion US dollars. In 2022, European investment in China reached US $12.1 billion, up 70 percent year on year. The automotive sector continues to be the biggest hotspot. During the same period, China’s investment in Europe reached 11.1 billion U.S. dollars, up 21 percent year on year. The new investment was mainly in new energy, automobiles, machinery and equipment.
Areas of cooperation continue to expand. The two sides have completed the publication of the second batch of the list of the Agreement on Geographical Indications, adding 350 landmark products for mutual recognition and mutual protection. China and the EU took the lead in developing and updating the Common Catalogue of Sustainable Finance. China Construction Bank and Deutsche Bank have issued green bonds.
Enterprises are enthusiastic about cooperation. Recently, senior executives of many European companies have come to China to personally promote cooperation projects with China, demonstrating their firm confidence in investing in China. European companies have taken an active part in important exhibitions hosted by China, such as the International Trade Expo, the Consumer Goods Expo and the Services Trade Expo. France has been confirmed as the guest country of honor for the 2024 Services Trade Expo and the International Trade Expo.
This year marks the 20th anniversary of the China-Eu comprehensive strategic partnership. Li Fei expressed readiness to work with the EU to implement a series of important consensus reached by leaders of the two sides, firmly grasp China-Eu economic and trade relations from a strategic height, strengthen complementarities and share the huge development opportunities of China-style modernization.
Going forward, the two sides will deepen practical cooperation in digital and new energy, jointly uphold the rules-based multilateral trading system with the WTO at its core, safeguard the security and stability of the global industrial chain and supply chain, and jointly contribute to world economic growth.