European Commission president Ursula von der Leyen said overcapacity concerns and China’s support for Russia’s war effort in Ukraine will also be on the table at the talks with Chinese leader Xi Jinping.
“If our partnership is to move forward, we need a genuine rebalancing, fewer market distortions, less overcapacity exported from China, and fair, reciprocal access for European business,“ she told lawmakers.
The trade deficit between China and the EU was a yawning $357 billion in 2024.
“China cannot rely on exports to solve its domestic economic challenges. Overcapacity must be addressed at its source, it cannot simply be offloaded onto global markets,“ von der Leyen said.
The curbs have caused concern among businesses worldwide as China accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency.
“China is de facto enabling Russia’s war economy, and we cannot accept this,“ von der Leyen said. “How China continues to interact with Putin’s war will be a determining factor for EU China relations going forward.”
The summit is scheduled to take place later on July 24-25 to mark the 50th anniversary of the establishment of diplomatic ties between China and the EU. – AFP
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