Dynamic China-EU trade boosts promising economic partnership

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2021-02-21

导读：Robust trade transactions between China and EU last year have demonstrated enormous potential in bil

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Robust trade transactions between China and the European Union (EU) last year have demonstrated strong resilience and enormous potential in bilateral economic partnership despite the ravaging pandemic and a reeling global economy.

According to Eurostat, the EU's statistical service, China has surpassed the United States and become the EU's top trading partner last year while both sides have also seen a substantial increase in exports to each other's marketplaces.

The continued growth in trade is partially a result of robust cooperation between Beijing and Brussels to contain the COVID-19 pandemic.To beat the deadly pathogen, China and the EU countries have harnessed the power of solidarity by offering each other medical supplies, as well as sharing experience on vaccine development, clinical treatment and cross-border management.

Meanwhile, the brisk two-way trade benefits from the strong economic complementarity between the two sides. This can explain why the China-Europe freight train service has kept running across the Eurasian landmass amid the pandemic. Last year saw a record 12,406 China-Europe freight train journeys, up 50 percent from 2019. The train trips hit 1,165 in January, up 66 percent year on year.

At this time of coronavirus crisis, this modern-day trans-regional camel fleet has been playing an indispensable role in maintaining momentum for bilateral trade activities and ensuring a stable supply of goods in China, Europe and other countries along the routes.The rapid recovery of the Chinese economy is also a key reason why many European firms continue to have faith in the Chinese market and expand their investment halfway around the world.

The resilient China-EU economic partnership has also offered a glimpse of an even brighter future for bilateral economic cooperation. In 2020, China and the EU concluded the negotiations on the Comprehensive Agreement on Investment and signed a geographical indications agreement. The two sides also decided to build up partnerships for green and digital cooperation.

Source: Xinhua

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