ExclusiveChina signals openness to reducing gaping EU trade surplus as Brussels toughens stance
Beijing floats buying more European goods as the EU weighs new trade tools and presses for tangible progress by October
China told the European Union that it is open to exploring ways to cut its massive trade surplus with the bloc during talks in Brussels this week, according to multiple people briefed on the discussion.
Chinese Commerce Minister Wang Wentao signalled to EU trade chief Maros Sefcovic that China was willing to consider purchase agreements covering European goods.
The discussions touched on lowering tariffs on EU-made goods, in a rare sign that China recognises that its billion-euro a day trade surplus has become a political problem.
Related to that, Beijing is also, and perhaps surprisingly, open to slowing its massive surge in exports to the 27-member union, which has led to fears of European manufacturers being wiped out by cut-price and increasingly high-quality Chinese goods. But Wang expressed more enthusiasm for increasing imports from Europe, some of the people said.
Publicly, Beijing has played down the significance of the trade gap, insisting it is simply the result of market demand in Europe for Chinese goods.
In previous meetings, Chinese officials have said Dutch export controls on expensive semiconductor-making machines prevent it from rebalancing trade.