As Europe’s top trade chief headed to Beijing this month shortly after announcing a probe into China’s electric vehicle subsidies, some in the bloc braced for fiery criticism and any hint of retaliation.
Instead, the Europeans found President Xi Jinping’s government looking to talk, make promises and avoid aggressive rhetoric that could inflame an economic relationship worth $900 billion. While Vice Premier He Lifeng expressed “concern and dissatisfaction” over the probe, he agreed to set up several working groups including on financial services and trade curbs.
Australian Prime Minister Anthony Albanese, meanwhile, is likely to come to China soon in a sign of how much ties have improved from a nadir in 2020. At that time, both sides were highly critical of each other and China was tariffing and blocking Australian exports. China didn’t publicly repeat that criticism during Valdis Dombrovskis’ four-day trip to the country. Instead, he was the one who delivered the strongest language — blasting China’s stance on the war in Ukraine as a liability for its image as a good investment destination, and threatening to be more “assertive” about rectifying a yawning trade imbalance.
The Chinese Commerce Ministry in Beijing, however, this month said it had already approved some companies to ship those products overseas. That came after reports China’s exports of the metals had plunged, at a moment where the economy is being hurt by slowing demand for its overseas shipments. China needs foreign capital and knowledge “for its own modernization program,” said Peter Hefele, policy director focused on China at the Wilfred Martens Centre for European Studies. “Next to the US, Europe is the only region to acquire those critical factors.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Shies Away From Confrontation With Europe Over EV Probe(Bloomberg) -- As Europe’s top trade chief headed to Beijing this month shortly after announcing a probe into China’s electric vehicle subsidies, some in the bloc braced for fiery criticism and any hint of retaliation.Most Read from BloombergChina Puts Evergrande’s Billionaire Founder Under Police ControlDimon Warns 7% Fed Rate Still Possible, Times of India SaysRepublican Moderates Turn to Rare Maneuver to Avoid Lengthy Government ShutdownIndians Have Five Days to Deposit $3 Billion in Soon-to-
Read more »
China Property Recovery Up to a Year Away, Ex-PBOC Adviser SaysChina’s property market could take as long as a year to recover, according to a former central bank adviser, who’s urging Beijing to do more to encourage lending to developers to halt the spread of defaults.
Read more »
Philippines says China has removed remnants of floating barrier in South China SeaMANILA (Reuters) - The Philippine coastguard said on Tuesday that its Chinese counterpart had already removed remnants of a floating barrier that ...
Read more »
Philippines says China has removed remnants of floating barrier in South China SeaMANILA (Reuters) - The Philippine coastguard said on Tuesday that its Chinese counterpart had already removed remnants of a floating barrier that ...
Read more »
EU Trade Chief Warns China’s Stance on Ukraine Is Hurting TradeThe European Union’s chief trade negotiator warned that China’s position on the war in Ukraine is hurting its global image as an investment destination, as he completed a high-stakes trip to the Asian powerhouse.
Read more »