French and Chinese officials said there’s room to deepen commercial ties, with a focus on combating climate change and reforming global finance.
(Bloomberg) — French and Chinese officials said there’s room to deepen commercial ties, with a focus on combating climate change and reforming global finance.
Speaking ahead of a dinner with business leaders from the two countries in Paris, Chinese Premier Li Qiang said the relationship is resilient and stable, and that he looks forward to discussing ways to expand trade. On Thursday, Li will join a summit hosted by French President Emmanuel Macron to spur efforts to support the world’s poorest nations and address the threats of climate change.
Finance Minister Bruno Le Maire said China will play a key role in those initiatives, adding that France wants to have “more Chinese investors on French soil.” He said already strong cooperation in aerospace and agriculture should be expanded to new areas, including low-carbon fuels and green finance.
Macron and his government have urged Europe not to get caught up in the escalating economic rivalry between Washington and Beijing.
For France, China is an important trading partner, particular as one of the largest markets for French luxury goods makers, including LVMH. Paris also wants to lure Chinese investment in efforts to develop new sectors such as electric battery making.
Yet at the same time the French government is taking a more muscular approach to protecting its own companies from Chinese competition. A bill currently in parliament would ramp up state aid for French industry while excluding many electric vehicles made in China from subsidies.
Presenting those plans last month, Le Maire urged Europe to find its place in the “knife fight” between the EU, the US and China to defend national economic and financial interests.
Li also visited Germany this week as part of his inaugural trip overseas as premier. Speaking in Berlin alongside Chancellor Olaf Scholz, he called for close cooperation with Germany in areas including manufacturing and green finance.
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In his speech in Paris, Li called on French and Chinese companies to work together to jointly maintain industrial and supply chain resilience, the official Xinhua News Agency reported Thursday. The countries should also strengthen tech cooperation, he said, a comment that comes as Washington works with other nations to cut Beijing off from high-end chips and related equipment.
Li also also promised better protections for intellectual property rights, and called for Chinese firms to be treated fairly in France.
–With assistance from Fran Wang.
(Updates with more details of Li’s speech in last two paragraphs.)
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