What is the prospect of economic and trade cooperation between China and France in the post-epidemic era? What are the key areas of cooperation? Recently, Gao Yuanyuan, Economic and Commercial Counselor of the former Chinese Embassy in France, said that China-EU-China-France economic and trade relations are a highly connected community of shared future. The prospects for bilateral pragmatic cooperation are promising, and the six major areas of cooperation are worth looking forward to.

Sino-French economic and trade relations are a community with a shared future

High-level strategic guidance, bilateral relations are stable. China has always regarded the EU as a priority partner, and leaders of China and the EU have always maintained close communication, providing important strategic guidance for the healthy development of China-EU relations. Since the outbreak of the new crown pneumonia, leaders of China, France, Germany, and Europe have held many video summits to reach important consensus on China-EU relations and joint response to climate change, promoting world economic recovery, and fighting the pneumonia epidemic. President Xi Jinping and French President Macron made six calls, emphasizing the creation of a new impetus for Sino-French cooperation. In the process of fighting the epidemic, China and France have jointly written a new good story of friendship of "a thousand miles of friendship, solid in stone".

Trade goes against the trend, showing resilience and strength. Since 2004, the EU has maintained China's largest trading partner status for 16 consecutive years. In 2020, trade in goods between the EU and China will grow in both directions despite the epidemic. For the first time, China has replaced the United States as the EU's largest trading partner. In the first half of 2021, China will continue to maintain the status of the EU's largest trading partner, France is China's third largest trading partner in Europe and America, and China is France's largest trading partner in Asia. In 2020, Sino-French trade has also achieved growth against the trend. From January to July 2021, it will continue to grow. The China-Europe logistics distribution network covers the whole of Europe, playing an irreplaceable role in China-EU trade under the epidemic.

Enterprises have close contacts and broad areas of cooperation. The close cooperation between China and Europe has formed a pattern where you have me and you are in me. In recent years, China's investment in Europe has become more diversified, and the proportion of acquisitions, mergers and acquisitions, and equity participation has increased. As of July 2021, China's cumulative direct investment in the EU has reached US$85.18 billion, an increase of 86.1%. In the first half of 2021, many European multinational companies have achieved impressive results in the Chinese market, and their willingness to expand investment in China has continued to increase. The Business Confidence Survey released by the European Union Chamber of Commerce in China in 2021 shows that 60% of the surveyed companies plan to expand their business in China in 2021, and about half of the surveyed companies said that their profit margins in China are higher than the global average. The number of Chinese companies investing in France, the final destination of investment is more than 320, which has solved the employment of more than 40,000 local people. The stock of French investment in China so far is 25 billion euros, and more than 1,100 companies have invested in China.

Six major areas of Sino-French economic and trade cooperation are worth looking forward to

In the post-epidemic era, strengthening China-France cooperation is in the common interests of both parties. The prospects for bilateral pragmatic cooperation are promising. Especially on August 17, 2021, the mutual recognition of driving licenses between China and France will come into effect. This facilitates and benefits the mutual investment between China and France. Bilateral economic and trade exchanges between China and France. Gao Yuanyuan said that the economic and trade cooperation between China and France can focus on six key areas.

The first is exchanges and cooperation in the "dual carbon" field. The 2020 Central Economic Work Conference proposed to strive to achieve a carbon peak by 2030 and achieve carbon neutrality by 2060, which provides more opportunities for cooperation between China and Europe.

The second is green home furnishing industry chain cooperation. China and the EU established a partnership on climate change in 2005, which can carry out pragmatic cooperation on low-carbon renewable energy to improve energy efficiency.

The third is to promote Sino-French economic and trade cooperation through the exhibition platform. Give full play to the role of the three major exhibition platforms for opening up to the outside world. The Service Trade Fair will focus on service trade, the Shanghai Import Expo will focus on goods imports, and the Canton Fair will focus on goods exports.

The fourth is to strengthen cooperation in the transformation of the digital economy. China's Internet industry is developed and the economy is highly digitalized. Digital transformation is also a new trend in France's economic development during the post-epidemic period. Both parties can complement each other's advantages and strengthen cooperation. At the same time, it is necessary to strengthen communication on issues such as tax avoidance of digital security Internet companies.

Fifth, deepen cooperation in traditional fields such as nuclear energy, aviation and aerospace, and highlight scientific and technological innovation. Especially in terms of nuclear power cooperation, Sino-French nuclear power cooperation has a long history. Chinese nuclear power is playing a more important role in the global market. Nuclear power is still the focus of France's development. Therefore, the high-quality development of Sino-French nuclear power cooperation should be continuously promoted.

The sixth is to strengthen cooperation under the Belt and Road Initiative and third-party market cooperation. China proposes that the Belt and Road Initiative should provide more development opportunities. Railway is a key transportation development direction in the future. The EU and France can participate in the China-Africa Supporting Development Partnership Creative Plan jointly initiated by China and Africa to carry out multi-party cooperation and promote economic recovery in Africa.

This shows that the prospects for economic and trade cooperation between China and France under the framework of the Belt and Road Initiative are very broad. Editor/Tian Zengpeng