China and the European Union will conduct high-level trade discussions one or two times annually, according to China's Ministry of Commerce on Thursday, as both parties aim to boost and adjust their commercial relations.
The European Union is experiencing increasing demands to cut down its trade imbalance with China, which expanded to approximately 360 billion euros ($410 billion) in the previous year, equivalent to almost one billion euros daily. Chinese automobiles and battery products are some of the goods being more frequently shipped to Europe.
According to a new China-EU trade and investment dialogue framework, Beijing has also extended an invitation for European Union Trade Commissioner Maroš Šefčovič to travel to China during the fall, stated Ministry spokesman He Yadong to journalists.
He mentioned that both parties plan to enhance their cooperation in fields such as artificial intelligence and the shift toward sustainable energy sources.
Beijing's comments came after a discussion held between Šefčovič and Wang Wentao, China's trade minister, on Monday in Brussels. Following the meeting, Šefčovič stated he plans to visit Beijing this autumn.
With the growing trade deficit between China and the European Union, Europe must "protect our manufacturing sector and continue striving for fair competition worldwide," Šefčovič stated. He has established an October deadline for substantial progress on balancing trade relations.
On Wednesday, fresh EU regulations aimed at safeguarding the European steel sector and restricting small online shipments came into force, primarily directed at Chinese companies and imported goods.
A social media account affiliated with Chinese state media, Yuyuantantian, stated in a recent posting that China is open to boosting its purchases from the European Union; however, the EU must ease restrictions on exporting advanced technology goods to China and avoid turning trade and economic matters into tools for confrontation.
In June, heads of state from the G7 countries released a shared statement emphasizing the importance of strengthening their supply networks for essential minerals, which are vital for numerous advanced technology and military industries, as part of efforts to decrease dependence on China.
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