Brussels, 21/12/2010 (Agence Europe) - After showing its more sullen face at its annual summit with the EU in Brussels at the start of October where it was rebuked on the issue of the under-valued yuan, China has shown itself, at the 3rd economic dialogue in Beijing on 20-21 December, willing to make significant financial and commercial efforts. Not only is it ready to help the EU stabilise its financial situation, China is also prepared to seek a solution to the trade disputes with the EU.
The third session of the economic and commercial dialogue between the European Commission and China ended with convergence of views on the issues of global macroeconomic challenges and, in competition, of trade and investment, of innovation and of customs cooperation.
The European and Chinese sides reiterated the importance of increasing coordination and cooperation within the G20 and other global governance platforms, and of jointly promoting the reform of economic and financial rules and standards.
Bilaterally, China, concerned by the financial situation in Europe, said in particular that it stood ready to support EU and IMF measures to ensure the financial stability of Europe. Following discussions which he jointly chaired with Trade Commissioner Karel De Gucht, Chinese Deputy Prime Minister Wang Qishan said that Beijing was prepared to help some EU member states tackle their sovereign debt crisis. This gesture of solidarity was welcomed by the EU, especially by Economic Affairs Commissioner Olli Rehn.
In trade and investment, the EU and China repeated their commitment to free trade. Both sides agreed to step up discussions on the possibility of negotiating a bilateral agreement on investment and hoped to conclude their assessment as early as possible in 2011. Both the European and Chinese sides stressed, too, that the possible options for facilitating conclusion of the Doha Round negotiations at the WTO in 2011 had to be examined.
Worried by the shortage of rare earths, the group of minerals essential to the manufacture of high tech goods - China has 95% of known reserves - the EU highlighted the importance of access to raw materials and competitive markets. The EU also repeated its concerns over trade distortions resulting from Chinese credits and guarantees to exports.
China confirmed that it would carry out a public consultation on investment conditions for foreign operators in China. It also promised, in 2011, to submit an improved offer with a view to its accession to the WTO Government Procurement Agreement (GPA). Beijing also promised to guarantee non-discriminatory treatment for goods manufactured in China by foreign companies.
In competition, the EU and China pledged to examine ways to increase their cooperation on controlling mergers, and also their discussions on market domination and cartels. The EU highlighted the importance of increasing transparency on state intervention in the economy which could have an effect on trade and investment, especially subsidies, including tax measures and support for the financial sector. (E.H./transl.rt)