China and Europe are comprehensive strategic partners in the sectors of the economy, society, cultural communication and security, says a whitepaper book on China-EU economic relations.
The whitepaper book, jointly written by the China Center for International Economic Exchanges, the Chinese University of Hong Kong, Bruegel (a European think tank specializing in economics) and The Royal Institute of International Affairs of the United Kingdom, was published in Brussels recently.
Over the past 40 years, both sides have gone through great changes. China is the world's second-largest economy, and the European Economic Community has transformed into the European Union. The EU is China's largest trade partner, and China is the EU's second-largest export market and main import source. The two sides believe that multilateralism should be the core of global governance.
The report outlined that with the rise of protectionism, populism and anti-globalization, China and the EU should think of how to deepen bilateral economic relations. In the coming eight years, the two sides should strengthen their trade with and investment in each other, as well as their cooperation in the other countries.
The two sides should deepen their cooperation in climate change, energy and environment, global governance, etc., and coordination in innovation, infrastructure construction, financial services and human exchanges.
China and the EU should pursue synergy between the Belt and Road Initiative and the Juncker Plan, finish their bilateral investment treaty negotiations and free trade agreement negotiations as early as possible, and make use of the Belt and Road to expand bilateral economic and trade cooperation. Europe has the potential to serve as the Belt and Road's "anchor" in the West.