French President Emmanuel Macron visited China for the second time in the hopes of strengthening its business deals with the country.
After having dinner with President Xi Jinping, Macron highlighted on the plans of the European Union (EU) to protect their trade relations with China concerning agricultural products.
According to AP News, Macron's visit had a primary purpose of easing tensions between China and the EU that may hurt global commerce. The French President asked China to open its financial markets to other countries despite the latter's conflict in the China-US trade war.
Attending the Shanghai International Import Expo, Macron revealed that China and the EU have reached an agreement regarding the protection of food and alcohol product trade deals which would be formally finalized this today.
He said, "It's a step forward in this relationship and it's very important." Macron is also perceived to negotiate legal terms to address the counterfeiting of products of 100 European and 100 Chinese agricultural products.
In other news, Nikkei reported that President Xi announced that China is ready to engage in more "high-standard" free trade agreements with other countries. He also said that the negotiation processes with the EU would develop further with the signing of the 16-nation Regional Comprehensive Economic Partnership (RCEP) soon.
The expo was also pegged as a diplomatic even where Beijing showcased its economic liberalization. The showcase showed China's willingness to abide by the EU's requests in opening up its financial markets to more countries amid the China-US trade war.
Moreover, Xi also emphasized China's cooperation in observing unilateralism and called all nations to embrace the technological advancements for other countries to improve their economies including the French and EU countries.
Macron then mirrored Xi's statement claiming that the China-US trade war could hurt the development of the global economy. He also praised China for showing its willingness to open up its financial markets and urged China to provide foreign access to its economy including its participation with governmental adjustments.
Nevertheless, a European business group raised its concern with China's attempt to regulate its market through a social credit system. It shared that the move may raise the cost of doing business with China which could also affect France as a part of the EU.
In other news, France 24 reported that Macron still aims to support a series of business deals with China especially those concerning tourism, health, and agriculture.
According to a European affairs official at the Chinese foreign ministry Zhu Jing, President Xi has prepared the friendliest and warmest welcome for Macron and other members of the EU.
