Past Event

Perils and potential: China-US-EU trade relations

We are hosting a number of Chinese and EU experts to discuss trade relations between the three forces.

Date: September 17, 2018, 9:30 am Topic: Global Economics & Governance

AUDIO & VIDEO RECORDINGS


SUMMARY

In this meeting, trade relations between China, the United States, and the European Union were discussed.

The panel explored principles of cooperation in global governance and international trade, particularly between the US, the EU and China. Interdependence was viewed as an essential objective, not only for economic growth, but for peace. China and the European Union share the common objective of peace, and the panel agreed that rules-based global trade, particularly through the WTO, could lead to prosperity for all. Although it is unclear as to what the future holds, the panel concluded that communication and exchange is essential between China and the EU.

Participants assessed US motives for current trade aggressiveness. They examined China’s steady rise, and considered that the US may have seen this rise as a threatening disruption of the status quo. The US responded aggressively to China’s increase in power with tariffs, prompting a trade war. These actions by the US could be an attempt to isolate and contain China and weaken US dependence upon it.

Accordingly, participants discussed the need for the rest of the world to work to facilitate and liberate trade in order to counterbalance the loss caused by US unilateralism. In particular, China and the EU could work to quicken and facilitate their bilateral investment agreement negotiations. The European Union’s investments in China last year were roughly 3% of what was invested into the US. Figures show that EU investment into China is decreasing.

Thus, the panel examined the state of the Chinese market and its accessibility to foreigners. China has made steps to opening its market to foreigners, but European businesses haven’t seemed to give much of a reaction to it. Participants debated the idea that China must create a market environment that entices European businesses. Some participants argued that the strong hand of the state in the Chinese economy and the lack of transparency have made it difficult for foreign investors to operate in China, and that European investors need a more level playing field between foreign and domestic operators in the Chinese market. The panel debated upon the importance for China to show more concrete measures of reform on state interference in the economy, particularly in the role of state-owned enterprises. Debate upon the definition of a state-owned enterprise ensued.

The panel agreed upon the conclusion that cooperation in trade relations between the EU and China will lead to peace and prosperity.

Event notes by Bowen Call

Schedule

Sep 17, 2018

9:30-10:00

Check-in

10:00-10:10

Welcome

Wei Jianguo, Vice Chairman, Chinese Center for International Economic Exchanges

Guntram B. Wolff, Director

10:10-10:20

Opening remarks

Herman Van Rompuy, Former President of the European Council and Prime Minister of Belgium

Zhou Xiaochuan, Vice chairman, Boao forum and Former Governor, People’s Bank of China

10:20-11:20

Kick-off presentations

Chair: Guntram B. Wolff, Director

Miguel Ceballos Barón, Deputy Head, Cabinet of EU Commissioner Cecilia Malmström

Alicia García-Herrero, Senior Fellow

Ruan Zongze, Executive Vice President, CIIS

Zhang Yansheng, Principal Researcher, China Center for International Economic Exchanges

11:20-12:40

Round-table discussion and Q&A

Chair: Guntram B. Wolff, Director

12:40-13:00

Closing remarks

André Sapir, Senior Fellow

Zhang Weiwei, Director, The China Institute of Fudan University

13:00-13:30

Lunch

13:30

End

Speakers

Miguel Ceballos Barón

Deputy Head, Cabinet of EU Commissioner Cecilia Malmström

Alicia García-Herrero

Senior Fellow

Wei Jianguo

Vice Chairman, Chinese Center for International Economic Exchanges

André Sapir

Senior Fellow

Herman Van Rompuy

Former President of the European Council and Prime Minister of Belgium

Zhang Weiwei

Director, The China Institute of Fudan University

Guntram B. Wolff

Director

Zhou Xiaochuan

Vice chairman, Boao forum and Former Governor, People’s Bank of China

Zhang Yansheng

Principal Researcher, China Center for International Economic Exchanges

Ruan Zongze

Executive Vice President, CIIS

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Katja Knezevic

[email protected]

Read article More by this author
 

Opinion

Why China should fear the EU's carbon border tax

Expect Beijing to soon start lobbying against the proposal.

By: Alicia García-Herrero Topic: Energy & Climate, Global Economics & Governance Date: July 26, 2021
Read about event More on this topic
 

Upcoming Event

Sep
2
11:15

Towards a new global trade regime: reform of the WTO

Bruegel Annual Meetings, Day 2 - the World Trade Organisation has been going through trying times, a phenomenon amplified by the pandemic. Why are we headed towards a new global trade regime? And what lies ahead for the WTO?

Speakers: Ngozi Okonjo-Iweala and Guntram B. Wolff Topic: Global Economics & Governance Location: Palais des Academies, Rue Ducale 1
Read about event More on this topic
 

Upcoming Event

Sep
3
09:00

The role of the EU's trade strategy for an inclusive and sustainable recovery

Bruegel Annual Meetings, Day 3 - We are delighted to welcome Valdis Dombrovskis, Executive Vice President of the European Commission for An Economy that Works for People to talk about Europe's trade strategy.

Speakers: Valdis Dombrovskis, Alicia García-Herrero and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Palais des Academies, Rue Ducale 1
Read article More on this topic
 

Blog Post

A world divided: global vaccine trade and production

COVID-19 has reinforced traditional vaccine production patterns, but the global vaccine trade has changed considerably.

By: Lionel Guetta-Jeanrenaud, Niclas Poitiers and Reinhilde Veugelers Topic: Global Economics & Governance Date: July 20, 2021
Read article More by this author
 

Blog Post

The European Union’s carbon border mechanism and the WTO

To avoid any backlash, the European Union should work with other World Trade Organisation members to define basic principles of carbon border adjustment mechanisms.

By: André Sapir Topic: Energy & Climate, Global Economics & Governance Date: July 19, 2021
Read article More on this topic More by this author
 

Opinion

Could the RMB dislodge the dollar as a reserve currency?

The dollar remains the world’s largest reserve currency, but it is facing both domestic and external risks.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: July 14, 2021
Read about event More on this topic
 

Past Event

Past Event

Investment firepower for the recovery: a conversation with Philippe Donnet, CEO of Assicurazioni Generali

At this event the CEO of Assicurazioni Generali, Philippe Donnet will be in conversation with Guntram Wolff, Director of Bruegel.

Speakers: Philippe Donnet and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 8, 2021
Read about event More on this topic
 

Past Event

Past Event

Strengthening the weak links: future of supply chains

What new supply chains trends will we see in the post-pandemic era?

Speakers: Ebru Özdemir, André Sapir and Guntram B. Wolff Topic: Global Economics & Governance Date: July 7, 2021
Read article More on this topic More by this author
 

Podcast

Podcast

CCP's 100th Anniversary: Reflecting and looking forward

As the Chinese Communist Party celebrates its 100th anniversary, we looked into the past, future and present of the country's economic development.

By: The Sound of Economics Topic: Global Economics & Governance Date: July 7, 2021
Read about event
 

Past Event

Past Event

Ensuring competitiveness of low-carbon investments

At this event, speakers will introduce the core idea of commercialisation contracts, and then discuss key design elements. This includes whether contracts should be issued at the EU or national level, how competition for contracts should be organised, and which industries should be eligible for support.

Speakers: Natalia Fabra, Peter Handley, Ben McWilliams and Georg Zachmann Topic: Energy & Climate, European Macroeconomics & Governance Date: July 1, 2021
Read article Download PDF More on this topic
 

Policy Contribution

Commercialisation contracts: European support for low-carbon technology deployment

To cut the cost of decarbonisation significantly, the best solution would be to provide investors with a predictable carbon price that corresponds to the envisaged decarbonisation pathway.

By: Ben McWilliams and Georg Zachmann Topic: Energy & Climate Date: July 1, 2021
Read about event More on this topic
 

Past Event

Past Event

EU debt vs national debts: friends or foes?

The EU will become into a major issuer of safe assets in the coming years. How will this interact with the debt issuance of European sovereign debts?

Speakers: Grégory Claeys, Yves Jacob, Gert-Jan Koopman, Pablo de Ramón-Laca and Imène Rahmouni-Rousseau Topic: European Macroeconomics & Governance Date: June 29, 2021
Load more posts