China, EU ties poised for growth

Digital and green economy expected to get more investment, says expert

Huge potential exists for further cooperation between China and the European Union in fields like digital economy and green economy despite the evolving COVID-19 situation globally, a leading trade body official said on Wednesday.

Zhao Ping, deputy director of the Research Institute of the China Council for the Promotion of International Trade, said: "Though social distancing exists in several European countries, the demand for online activities, e-businesses and smart production has risen. Most of these activities require additional internet infrastructure and talent, fields in which China has obvious advantages."

Zhao said China's commitment to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060 will help both sides to work jointly for a greener, low-carbon economy.

Last year was the 45th anniversary of the establishment of diplomatic relations between China and the EU. Despite the COVID-19 epidemic, bilateral trade ties between China and the EU achieved several notable outcomes, she said. China becomes the bloc's largest trading partner, overtaking the United States. In addition, leaders from both sides said in December that they have completed their investment agreement negotiations as scheduled.

But the EU should also improve the investment environment for foreign investors by easing curbs and providing national treatment to investors from other countries, said a survey report published by the institute.

The report, Business Environment of the European Union 2020/2021, said that 21.34 percent of participants believe that enabling actions would increase the willingness of Chinese companies to invest in the European Union.

Nearly 48.57 percent of the participants said they would increase their investment in the EU if the restrictions are relaxed further. They said such efforts will provide more jobs and fuel economic recovery within the EU, it said.

The report also said that it is important to treat for foreign businesses on a par with European businesses in the EU.