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  HOME | Business & Economy (Click here for more)

China, Europe Share Common Interest over Multilateral Trading System, Xi Says

BEIJING – Chinese President Xi Jinping said on Friday that Beijing and Berlin shared a common interest in safeguarding the basic rules of the multilateral trading system during a meeting with Germany’s Chancellor Angela Merkel.

In statements shared by China’s state news agency Xinhua, Xi said that, as major countries with global influence, both China and Germany should accept their responsibility to maintain equity and international justice along with safeguarding free trade and multilateralism.

Merkel began her twelfth official visit to China intending to reinforce bilateral ties with Beijing at a time of complex changes in the international geopolitical playing field.

According to China Daily, Xi told Merkel that China had seen through its commitment to a greater opening up, from manufacturing to the financial and service sectors and added that the Chinese market will become even bigger with the country’s development.

He added that opening up more would bring more opportunities to countries like Germany.

Merkel also met with Prime Minister Li Keqiang.

In a recent telephone conversation with Li, Merkel said that Berlin was committed to developing relations with China and hoped to continue reinforcing bilateral cooperation, Chinese state media said.

Li added that the two countries faced “many common challenges” against the backdrop of “profound and complex” changes at the international level.

China’s economy has been severely hit by an ongoing trade war with the United States.

Donald Trump has once again threatened to ramp up tariffs on Chinese products as a way to shrink the bilateral trade deficit.

Meanwhile, Germany’s economy was also beginning to stutter as its production numbers faltered.

Germany is a European manufacturing hub and one of the pillars of the EU’s economy.

 

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