Beijing, Dec 6, (dpa/GNA) – China has dismissed Brussels’ export policy as nonsensical, the day before a summit meeting with European Union representatives.
“If the European side imposes serious restrictions on the export of high-tech products to China on the one hand, and hopes to significantly increase exports to China on the other, this is not necessarily in line with common sense,” Foreign Ministry spokesman Wang Wenbin said in Beijing on Wednesday.
The background to the comment is the enormous trade deficit in China’s favour, which is expected to be a topic at the meeting of the delegation led by EU Council President Charles Michel, and European Commission President Ursula von der Leyen with Chinese head of state and party leader, Xi Jinping, on Thursday.
Before departing for Beijing, von der Leyen had said: “European leaders will not tolerate over time, an imbalance in the trade relationship.” The EU has “tools” to protect its market, but favours a “negotiated solutions,” she said.
According to EU figures, the trade deficit recently totalled almost €400 billion ($432 billion).
Wang argued on Wednesday that the data, did not reflect the actual distribution of trade between Europe and China. More than a third of the export volume of European companies in China goes back to Europe. Therefore, according to him, it appears that China has a trade surplus, but Europe receives a “considerable” share of the profits.
In addition to the trade deficit, the EU representatives also want to address the unfair competitive conditions for European companies in China.
Conversely, China is likely to bring up Brussels’ ongoing investigation into Chinese e-car subsidies and the EU economy’s plans, to become less dependent on China in critical areas.
GNA