China-EU cooperation is important for the world

The economies of China and Europe need each other and cannot be separated. Mutual respect and benefit are necessary for both sides, says an article in People's Daily (excerpt below):

The daily trade between China and Europe currently stands at $1.5 billion. The fourth Sino-EU high-level economic and trade dialogue was held in the European Union's headquarters in Brussels. This is the first of its kind between the new government of China and the EU, and will touch some key issues of strategic importance, sending out positive signals on the deepening of bilateral economic and trade cooperation.

Because of the differences of national conditions, cultures and political systems, divergences and frictions are unavoidable. The key is to solve the divergences and frictions properly, with a cooperative spirit.

Both sides promised to continue in the direction of opening up markets, using stimulus packages prudently and strengthening coordination and communication in multilateral forums.

These valuable points of consensus should be translated into concrete action to improve the resistance of bilateral cooperation to crisis.

The EU's business investment in China only accounted for 2 percent of its total in 2012, while China's investment in the EU represented only 2.2 percent of foreign investment in the EU. So there is great potential for both sides to deepen their cooperation and comprehensive strategic partnership.

The Sino-EU relationship is one of the most important bilateral ties in modern world, and an important part of the win-win cooperative model for developed countries, emerging economies and developing countries. Therefore, managing the risks through dialogue and cooperation is not only important for the two sides, but also for the whole world.