THEBeltandRoadInitiative(BRI)upholdstheconceptsofpeace,win-wincooperation,anddevelopment,andisguidedbyanopennesstoactivelypromoteeconomicglobalizationandtradeliberalizationtofacilitatecommondevelopmentwithcountriesalongtheroutes.
SinceChinesePresidentXiJinpingproposedthe“SilkRoadEconomicBelt”and“21stCenturyMaritimeSilkRoad”inthefallof2013,Europeancountrieshaverespondedpositivelyandparticipatedextensively.InOctober2015,14memberstatesoftheEuropeanUnion(EU)becamethefoundingmembersoftheAsianInfrastructureInvestmentBank,alandmarkeventofcooperationbetweenChinaandtheEUovertheBRI.Inthesameyear,atthe17thChina-EUSummitandthefourthSummitofChinaandCentralandEasternEuropeanCountries,stateleaderscompletedthetop-leveldesignoftheSino-EuropeancooperationontheBRIatthreelevels.First,atthestrategiclevel,theconnectionbetweenBRIandEuropeandevelopmentstrategy;second,attheindustriallevel,connectingChina’sinternationalcooperationonproductioncapacitywithEuropeaninvestmentplan;third,attheregionallevel,integratingthecooperationbetweenChinaandCentralandEasternEuropewiththeoverallcooperationbetweenChinaandEurope.Inthepastfiveyears,drivenbytheBRI,China’stradewiththeEUhasrisenimmensely,withbilateraltradeingoodshittingnewhighsandservicetradeshowingrapidgrowth.
MoreReliantonEachOther
TheEUisChina’slargesttradingpartner,andChinaistheEU’ssecondlargesttradingpartner.Afterattaininglinksatthethreeaforementionedlevels,bilateraltradeaccountsforabiggershareintheirrespectiveforeigntrade,andtheimportanceofSino-EUtradeintheEU’sout-regiontradeisevenmorepronounced.AccordingtoChinesecustoms,thetradevolumebetweenChinaandtheEUin2017wasUS$616.92billion,accountingfor15percentofChina’sforeigntrade,from13.4percentin2013.AccordingtoEurostat,theEU-Chinatradevolumein2017was€573.02billion,accountingfor15.3percentoftheEU’sout-regiontrade,whichwasnearlythreepercentagepointshigherthanthatof2013.(Seechart1)
MoreBalancedDevelopment
Thismorebalanceddevelopmentismainlyreflectedinthefollowingaspects:First,inthepastfiveyears,China’simportsfromtheEUhavegrownfasterthanitsexportstotheEU,andChina’stradesurpluswiththeEUhasnarrowedsignificantly.From2013to2017,China’simportsfromtheEUgrewatanaverageannualrateof3.4percent.Duringthesameperiod,China’sexportstotheEUgrewbyanaverageannualrateof2.3percent.AsChina’simportsfromtheEUgrewfasterandtheimbalanceinbilateraltradeimproved,theproportionofChina’stradesurplusintotalbilateraltradevolumenarrowedfrom26percentin2015to20.6percentin2017(seechart2).Second,theshareofChina’stradewiththe13countriesthatjoinedtheEUafter2004hasincreasedinChina-EUtrade.TheSino-EUtradeinthepastmainlyreliedonWesternEurope.Duringthepastfiveyears,withtheadvancementoftheBRIcooperationbetweenChinaandtheCentralandEasternEuropeancountries,thissituationischanging.In2017,China’stotaltradevolumewiththe13countries,includingPoland,Hungary,CzechRepublic,Slovakia,andCroatia,totaledUS$69.16billion,accountingfor11.2percentofChina-EUtrade,anincreaseofonepercentagepointfrom2013.
Third,ChinahasincreasinglydiversifieditsproductsimportedfromtheEU.TheproportionofChina’stop10importedproductsfromtheEUdroppedto74.3percent,adecreaseofaboutthreepercentagepointsfrom2013;meanwhile,theimportsofconsumerproductsincreasedrapidly,andtheaverageannualgrowthratesofcereals,dairyproducts,jewelry,andartworkallexceeded30percent.AcceleratingServiceTradeDevelopment
ChinaistheEU’sthirdlargestservicestradingpartner.AccordingtotheOECD(OrganizationforEconomicCooperationandDevelopment)database,in2016,theChina-EUservicetradevolumereachedUS$75.09billion,anincreaseof29.7percentfrom2012.Amongthem,China’sserviceexportstotheEUamountedtoUS$32.69billion,anditsserviceimportsfromEUamountedtoUS$42.4billion.TheaverageannualgrowthratesofChina’sexportsandimportsofEUservicesfrom2012to2016was6.6percentand6.9percentrespectively,higherthantheincreasesinimportsandexportsofgoodsbetweenChinaandtheEUduringthesamepe-riod.TheEU’sservicetradewithChinaisinsurplus.TheBusiness&InnovationCenterforChina-EuropeCooperation(CCEC)inChengdu,capitalofSouthwestChina’sSichuanProvince,servesasaplatformforthewesternpartofChinatocooperatewithEuropeintrade,investmentandtechnology.
Currently,China’sserviceexportstotheEUanditsserviceimportsfromtheEUaccountfor3.9percentand4.5percentoftheEU’sout-regionserviceimportsandexportsrespectively.While,astheEU’slargestservicetradingpartner,theU.S.’simportsandexportsofserviceswiththeEUaccountedfor30.2percentand27.2percentrespectivelyoftheEUtotal.ThefiguresforSwitzerland,EU’ssecondlargestservicetradepartner,are13.7percentand14.2percentrespectively(seechart3).Comparedwiththesetwocountries,ChinahasgreatpotentialforservicetradewiththeEU.
Theyear2018marksthe15thanniversaryofthees-tablishmentofacomprehensivestrategicpartnershipbetweenChinaandtheEU.Itisalsothe20thanniversaryoftheestablishmentoftheChina-EUSummit.ChinaandtheEUsharecommoninterestsineconomicglobalization,tradeliberalizationandthemultilateraltradingsystem.Astwoworld’sleadingeconomies,ChinaandEUareworkinghandinhandtobuildtheBeltandRoad,whichwillhelpbothpartiesfurtherdeveloptheirrespectiveadvantagesandachievecommondevelopment.
InApril2018,ChinesePresidentXiJinpingannouncedattheannualmeetingoftheBoaoForumforAsiathemajorstepsChinawilltaketofurtherexpanditsopening-up,includingsignificantlyeasingmarketaccess,creatingamoreattractiveinvestmentenvironment,strengtheningprotectionofintellectualpropertyrights,andactivelyexpandingimports.Inparticular,thefirstChinaInternationalImportExpowillbeheldinShanghaiinNovember2018,whichwillprovideanewandlargerplatformforEUcountriestoexpandtheirexportstoChina,thusmakingChina-EUtradefurtherprogresstowardsbalanceddevelopment.C
YAOLINGisaseniorresearchfellowwiththeChineseAcademyofInternationalTradeandEconomicCooperationoftheMinistryofCommerce.