European Union leaders agreed to “de-risk and diversify” economic relations away from China despite Chinese General Secretary Xi Jinping's attempts to discourage European cooperation with the United States in that arena.
“The European Union will seek to ensure a level playing field, so that the trade and economic relationship is balanced, reciprocal and mutually beneficial,” the European Council declared in a joint statement following a convocation in Brussels. “In line with the Versailles agenda, the European Union will continue to reduce critical dependencies and vulnerabilities, including in its supply chains, and will de-risk and diversify where necessary and appropriate.
“China’s development brings opportunities rather than risks to the world, and stability rather than shocks to the global industrial and supply chains,” Qiang told Michel last week."Both sides have benefited from each other’s development, adhered to strategic autonomy and multilateralism, and had broad consensus on climate change and other global issues.”
Schreinmacher declared the restriction to be “country-neutral,” but it dovetails with a U.S. initiative to curtail the Chinese military’s access to cutting-edge computer chips, to Beijing’s frustration. Many European leaders, however, have come to view Beijing with increasing suspicion in light of the coronavirus pandemic and Xi’s alignment with Russian President Vladimir Putin on the eve of Russia’s full-scale invasion of Ukraine.
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