Xi seeks to defuse China-EU tensions over trade imbalance

• Chinese President Xi Jinping met leaders of two top European Union institutions on Thursday, aiming to smooth over relations after Brussels warned that it has “tools” to correct a chronic trade imbalance.
• The meeting marked the first in-person EU-China summit since 2019, according to the European Council. Before departing for Beijing, von der Leyen had set the tone by stressing, “We have tools to protect our market.” Europe blames the trade gap partly on the difficulty its companies face in gaining access to the Chinese market.
• China’s trade surplus with the EU reached $201 billion in the first 11 months of this year, data released by the Chinese customs office showed on Thursday. The surplus has narrowed from last year amid global economic uncertainty, but it remains a huge gap
• Beijing had already made known its displeasure with von der Leyen’s call for European economies to diversify or de-risk away from China for security reasons, as well as a European anti-subsidy investigation on Chinese electric vehicle imports.
• Beyond trade, the EU leaders on Thursday urged China again to help end the war in Ukraine. They said the EU-China relationship hinges on Beijing’s stance regarding the invasion of Ukraine ordered by Russian President Vladimir Putin

External Link : https://asia.nikkei.com/Politics/International-relations/Xi-seeks-to-defuse-China-EU-tensions-over-trade-imbalance