The European Union and China are two of the most influential economies in the world. The two regions are responsible for a combined 75 percent of the global Gross Domestic Product. As such, many economic analysts have said that both China and the European Union should deepen their cooperation, especially when it comes to industrial technology.
The European Union plays a huge role in China's current economic boom. The E.U. is China's largest trading partner, while China is E.U.'s second largest trading partner right after the United States.
With massive global trade at this scale between the two regions, many analysts believe that it is only fitting that both China and the European Union expand their current industrial cooperation. Many predict that by focusing more on industry innovation and technology, both China and the E.U. are set to dominate global trade and production within years to come.
With the current trade war between China and the United States, the former is looking for alternative trading partners and this is where many European states can come into play. There are many possible opportunities at grabs here, ranging from both industrial and the tech industries.
China, with its massive middle-class population, has a large market that is still virtually inaccessible to many European companies. Should the European Union and China agree to various trade deals, companies and industries from both regions are set to benefit from the deal.
Despite the lack of European business activity in China, the country's economy continues to grow at a steady pace of about 6.5 percent annually. This growth simply shows how China's domestic economy can sufficiently sustain itself. Nevertheless, many market experts believe that this growth will continue to improve should China decide to open its doors to other foreign businesses.
A detailed study published by the European Union Chamber of Commerce in China revealed that China has a lot of business opportunities, especially for European companies. Moreover, the recent EU-China summit had highlighted the need to improve China's market access and investment environment.
In the coming months, the annual EU-China Business and Technology Fair will once again open its doors in the Chinese province of Chengdu. It is important to note that during previous summits, the fair is host to more than 3,000 European companies and research organizations. This upcoming event is expected to be attended by at least 24,000 participants. The summit is organized by the Enterprise Europe Network.
