World News | EU Raise Concerns over Business Environment in China

Brussels [Belgium], July 20 (ANI): The European Union has raised concerns about the business environment in China, including the lack of a level playing field and the growing politicisation of business in the second largest economy in the world.

This issue was raised when EU Executive Vice-President Valdis Dombrovskis met Vice-Premier Liu on Tuesday during the 9th EU-China High-Level Economic and Trade Dialogue (HED). This meeting came after months of failed efforts to set a date for talks after the tense EU-China summit in April, during which the sides failed to agree on a joint statement.

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"The EU raised concerns related to the business environment, including the lack of a level playing field and the growing politicisation of the business environment in China. This is leading EU companies to reconsider their existing operations and planned investments in the country," the European Commission said in a statement following the high-level economic meeting.

The key meeting focused on global economic challenges, disruptions of supply chains caused by COVID-19 and the impact of Russia's invasion of Ukraine, including on food, energy and financial markets. Parties also discussed bilateral trade and investment concerns and stepping up cooperation in financial services.

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Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, said: "The importance of our economies comes with a responsibility to shape joint responses to global economic and trade challenges, such as disruptions in supply chains, global food insecurity, debt relief for the most vulnerable countries and reform of the World Trade Organization."

Dombrovskis said he emphasised that Russia's war against Ukraine is creating considerable challenges for global security and the economy. "I also underlined the need for continued engagement to build more balanced and reciprocal trade and investment relations between the EU and China."

During the EU-China HED, the two sides also discussed a number of topics and proposals, including concerns related to the world economic outlook.

The two sides also exchanged views on financial services. "This included a commitment by China to ensure that its future domestic regulations will not curtail the ability of European leasing companies to provide services throughout its territory."

The EU and China are major trading partners: in 2021, China was the third largest partner for EU exports of goods (10.2 per cent) and the largest partner for EU imports of goods (22.4 per cent).

Since the start of the Russian military operation in Ukraine, the EU has called on China to use its influence with Russia to reach an immediate ceasefire and to support humanitarian corridors.

Back in April, EU High Representative Josep Borrell said China did not want to talk about human rights.

"They did not want to talk about human rights, and other issues, and instead focus on the positive things. The European side made clear that this "compartmentalization" is not feasible, not acceptable. For us, the war in Ukraine is a defining moment for whether we live in a world governed by rules or by force," he said.

Borrell described the last summit as a "dialogue of the deaf" after European officials failed to secure reassurances that Beijing would not offer practical support to Russia. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)