China and the European Union (EU) have ample potential for cooperation in emerging fields and are well-positioned to jointly promote sustainable global economic growth, according to a report on China-EU industrial cooperation released in Luxembourg on Tuesday.
The report, titled "Jointly Shaping the Future of Industrial Innovation Ecosystems: Cooperation and Development of New Quality Productive Forces by Chinese Enterprises in Europe," was released at a forum.
The event brought together over 100 representatives from China and Europe for in-depth discussions on topics including China's high-quality economic development, the cultivation of new quality productive forces, and cross-border financial cooperation between the two sides.
The report noted that China and the EU are each other's second-largest trading partners, with significant complementary advantages in economic and trade cooperation. Together, they account for more than one-third of global GDP and over one-quarter of global trade, forming a deeply intertwined economic symbiosis.
The report states that, in the face of a complex and volatile international situation, only by upholding opening up and cooperation can sustainable development and shared prosperity be achieved.
In emerging industries such as new energy vehicles, clean energy and intelligent manufacturing, China and the EU enjoy broad room for cooperation, strong complementarity and promising prospects, the report said.
"For China and Europe, the manufacturing, the industry, the factory, the industrial production is key. And we are seeing a lot of technological changes. And if we want to understand what is happening, we have to look at China, and we have to discuss with China, and we have to follow what the Chinese companies are doing," said Luigi Gambardella, president of the Brussels-based international digital association ChinaEU.
The report also pointed out that China-EU industrial cooperation is showing new trends of localization, complementarity, digitalization and green development, with new quality productive forces increasingly playing a leading role.
In intelligent manufacturing and information and communications, China's exports of industrial robots to the EU have grown rapidly, while cooperation on 5G network construction and the digital economy continues to expand, injecting fresh momentum into bilateral economic and trade cooperation.
"If you look at China, there's robots, AI is very advanced, quantum computing (as well). There's many, many fields where China will lead in this century, and Europe should cooperate with China. So, if we want to catch up with China, we need to allow more Chinese investment in Europe, and Luxembourg can play a key role," said Jacques Bortuzzo, president of the China-Luxembourg Chamber of Commerce.
"Luxembourg, of course, always considers itself a bridge builder between different regions in the world. And we would like to serve with our financial center the interests of growth, and the world needs growth, and therefore it is an opportunity for all the regions in the world to work closer together," said Gilles Roth, Luxembourg's Minister of Finance.
China, EU share potential to jointly reshape industrial innovation: business report
China, EU share potential to jointly reshape industrial innovation: business report
