The surge of Europe-China trade is firstly a sign of the Belt and Road Initiative’s success in integrating a continent and consolidating more efficient and effective supply chains, but it is secondly a sign that political stability delivers the most cohesive results.
The world has reached a crucial juncture, and relations among China, the U.S., and the EU have entered an unprecedentedly complicated stage. Opportunities for cooperation and risks of confrontation coexist and carry the same weight.
Contrary to the received wisdom of the press, Beijing is not the devil incarnate, and the EU did not sell its soul when it signed the agreement. The investment agreement is far from the zero-sum affair it was described to be. In fact, it offers a number of benefits that extend beyond China and Europe.
Strengthening cooperation between China and the EU will not only help economic complementarity, allow for respective comparative advantages, and improve people’s living standards, but also inject confidence and vitality into the world economy and promote the recovery and growth of the world economy under the impact of COVID-19.
In the coming years one should continue to expect an underlying stability to continue to drive EU-China relations. This is a relationship that will continue to be driven by cautious, rational and cool diplomacy, rather than turn into aggravated hostility.
China and the EU will continuously work to achieve common goals in 2021. The Biden administration will rather enhance the multilateral context where Sino-European relations will be played out, although it will also facilitate the endeavor of Brussels and Washington to talk in good climate about Beijing.