The digital economy is rife for cooperation China and EU

China’s commerce minister seeks to boost economic ties with Germany as the two sides prepare for an exchange of leaders, in line with Beijing’s efforts to boost business ties with European countries.

The two sides agreed to expand cooperation and use the potential of emerging areas such as new energy and the digital economy.

China and Germany are preparing to develop their relationship to the next stage on the trade and economic front.

Beijing and European economies are ramping up high-level visits and trade deals in China after three years of tough policies to control COVID, and US-China relations have slipped further.

In Germany, Wang met with local politicians and exchanged views on developing cooperation in new energy and electric vehicles.

Dresden is home to Bosch, an engineering and technology company that manufactures computer chips. Bosch announced in January that it planned to invest $1 billion in China for components for new energy vehicles.

EU-China relations

Scholz’s visit to China with a business delegation in November made him the first Western leader to visit China since the pandemic.

Despite steps taken to strengthen economic ties, China’s relationship with the EU still faces challenges, from security issues to political disagreements.

EU leaders have discussed security concerns related to Chinese investment in infrastructure and high-tech areas. Germany is considering banning components from Chinese tech companies Huawei and ZTE. In November, Germany blocked the sale of two German semiconductor companies to Chinese companies.

The Bank of England has increased interest rates to 4.20% for 11 months. The increase was part of an effort to contain rising prices, which have risen since a jump in energy costs linked to Russia’s invasion of Ukraine.