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China abolishes the lower limit of the interest rate for commercial individual housing loans at the national level.

China's Ministry of Commerce (MOFCOM) on Tuesday urged the US to immediately cancel the additional tariffs on Chinese products and vowed to take resolute measures to defend its rights over US' announcement to increase tariffs on Chinese products including electric vehicles (EVs)

The plan to impose additional tariffs will mark another significant escalation in Washington's multi-year, ill-conceived campaign to crack down on emerging Chinese industries that are gaining global prominence, experts said, noting that the politically motivated move won't stop the rise of relevant Chinese industries, due to their small presence in the US market.

The Biden administration announced new tariff rates Tuesday on several Chinese products, including a major hike in levies on Chinese EVs. 

Starting this year, President Joe Biden will quadruple tariffs on imported Chinese electric vehicles, from 25 percent to 100 percent. The tariff rate on lithium-ion EV batteries will more than triple to 25 percent.

The announcement also added new tariffs on solar equipment and semiconductors.

The import tax on Chinese solar cells will double, from 25 percent to 50 percent in 2024. Starting in 2025, tariffs on imported Chinese semiconductors will jump from 25 percent to 50 percent.

Chinese medical supplies such as syringes and needles will also face additional tariffs of 50 percent.

The MOFCOM slammed the US move, saying that it is a politicization and weaponization of trade issues and a typical case of political manipulation that will seriously impact the atmosphere for bilateral cooperation.

The US decision to increase the tariffs goes against President Biden's commitment of not seeking to suppress China's development, and not seeking to decouple with China. It is also not in line with the spirit of consensus reached between the two heads of state, the MOFCOM said.

China's Foreign Ministry vowed earlier on Tuesday to take "all necessary measures" to safeguard the nation's legitimate rights and interests.

The move is part of the Biden administration's plan to revise the Trump era tariffs, known as "Section 301 tariffs," so as to target China's strategic industries. The Chinese EV industry, which has been rising rapidly to global prominence, has become a top target for the US crackdown, experts said.

"The development of China's new energy industry, including new-energy vehicles, photovoltaic and lithium battery products, is causing increasing anxiety for the US, so now they are suppressing our emerging industries," Wei Fulei, a research fellow with China Development Institute, told the Global Times on Tuesday.

The new plan comes after US officials have in recent weeks been hyping accusations of "overcapacity" in Chinese new-energy industries, which they say poses risks to US industries and jobs. Chinese officials have repeatedly slammed such accusations as an attempt to create a pretext for Washington to take protectionist, bullying actions against China's emerging industries. 

Commenting on the US tariff plan at a press briefing on Tuesday, Wang Wenbin, a spokesperson for the Chinese Foreign Ministry, said that China has always opposed violating WTO rules and unilaterally imposing tariffs. "China will take all necessary measures to safeguard its legitimate rights and interests," Wang said.

Wang also slammed US officials' "overcapacity" claims, saying that the US is engaging in protectionism, trampling on market economy principles and international economic and trade rules, and engaging in blatant bullying, and Wang warned the US against repeating the mistake of protectionism.

Countermeasures 

Chinese auto association on Monday blasts US plan to impose higher tariffs on Chinese EVs, calling it typical protectionism.

China Association of Automobile Manufacturers (CAAM) on Monday slammed the US' imposing higher import tariffs on Chinese electric vehicles, saying the industry's development needs global cooperation.

Experts said that any bullying actions by the US will be countered.

"China will firmly oppose such moves, because this is absurd and extraordinarily unreasonable," He Weiwen, a senior fellow from the Center for China and Globalization, told the Global Times on Tuesday.

He noted that China has different options to counter Washington's moves that won't necessarily involve US cars, but other areas. "How China responds specifically depends on what would be the most favorable opportunity and the most beneficial option for us." 

As China responded firmly to previous US bullying acts, including punitive tariffs, some US officials expect a firm response from China on the new tariffs. US Treasury Secretary Janet Yellen said this week that the US could see a "significant" response from China, according to Reuters. 

Chinese officials and experts slammed the US move as politically motived amid toxic politics during an election cycle, since the US administration's accusation that relevant Chinese products pose threats to the US is baseless, given their minimal presence in the US market. Also for the same reason, additional US tariffs will not stop the rise of relevant Chinese industries, they said. 

"[The US move] will not have a major impact on relevant Chinese industries, because China exports a very small number of EVs to the US," He said, adding that the US plan is not based on economic considerations, but political optics that aim to show a tough stance on China. 

China exports very few EVs to the US, with Geely being the only Chinese EV maker that exported to the US in the first quarter, according to industry data. In terms of solar cells, exports to the US only accounted for less than 0.1 percent of China's total exports in 2023, according to media reports.

In terms of the solar industry, over the years, the export of solar panels from China to the US has significantly decreased due to US' protectionism, Wei said.

Moreover, the move could also backfire on the US, as it will not help build its domestic capacity, experts said.

"It seems that US politicians woke up from a hangover after decades of consumerism, during which they cared for consumption and not production. Now, they want to rebuild their manufacturing capacity, but the horse has already bolted. The solution would be exactly the opposite of what they are doing, that is, they should rebuild their capacity with the help of - and not against - Chinese industrial power," Claudio Celani, economic editor of news magazine Executive Intelligence Review, told the Global Times. 

Zhang Xiang, Director of the Digital Automotive International Cooperation Research Center of the World Digital Economy Forum, told the Global Times that as China has already taken the lead in the new-energy sector, with the largest industry chain globally, any attempt by the US to boycott Chinese products and components would also result in losses for the US.

"The automotive industry is now highly internationalized and interconnected, and it is not feasible for any country to produce vehicles in isolation," Zhang said.

China has emerged as a global leader in the production of green and new-energy products, marking a significant milestone in its economic transformation. With exports of new-energy vehicles (NEVs), solar cells and lithium-ion battery products surpassing the 1 trillion yuan (138 billion) mark in 2023, the country has positioned itself at the forefront of the green industry revolution. This growth in emerging industries not only reflects China's commitment to sustainability but also presents numerous opportunities for developing countries seeking to accelerate their industrialization and participate in the global energy transition.

The expansion of China's green industries exhibits the country's strategic vision and attention to innovation across all productive sectors. This growth is fueled by a combination of factors, including government support, technological advancements, regional and global trade, and a conducive domestic business environment. China's proactive investment in research and development, alongside its focus on scaling up production capacity, has enabled it to achieve economies of scale and drive down production costs. Additionally, the commitment to sustainable development goals has spurred investments in renewable energy infrastructure, further catalyzing the growth of green industries.

Key to China's success in forming competitiveness in these emerging industries is its integrated approach to technology, manufacturing and market development. By leveraging its vast manufacturing capabilities, skilled workforce and extensive supply chain networks, China has been able to rapidly scale up production and meet the growing demand for green products both domestically and internationally. Moreover, the proactive policies have stimulated market demand and encouraged innovation in green technologies.

The increasing demand for green industry and new-energy products during the energy transition presents potential for growth, both for China and the global economy. As countries worldwide seek to reduce carbon emissions and transition to renewable energy sources, the demand for clean energy technologies is expected to soar. This trend is being driven by a combination of environmental concerns, regulatory incentives and technological advancements. As such, there is a growing opportunity for countries to capitalize on the burgeoning green market and position themselves as leaders in sustainable development.

In this context, the prospects of cooperation between China and other countries, particularly its neighbor - Pakistan, in the green and new-energy industries are promising. Pakistan, like many developing countries, faces challenges in meeting its energy needs while addressing environmental concerns. By partnering with China, a global leader in green technology and manufacturing, Pakistan can access state-of-the-art solutions and expertise to accelerate its transition to clean energy. Collaboration in areas such as renewable energy infrastructure, electric vehicle deployment and battery storage systems can not only enhance Pakistan's energy security but also drive economic growth and job creation.

China's contribution to the global energy transition and sustainable development extends beyond its borders. By offering cost-effective green products to countries like Pakistan, China is playing a pivotal role in promoting access to clean energy technologies and facilitating the adoption of sustainable practices worldwide. Through initiatives such as the Belt and Road Initiative (BRI), the country is actively supporting infrastructure development and capacity-building efforts in partner countries, thereby promoting green growth and environmental sustainability on a global scale.

Despite China's commendable efforts to promote green industries and sustainable development, it faces increasing protectionism and accusations of "overcapacity" in the international arena. Critics argue that China's rapid expansion of green manufacturing capacity has led to oversupply in certain markets, undermining the competitiveness of domestic industries in other countries. However, such accusations overlook the broader benefits of China's green capacity, including job creation, technological innovation and environmental protection. Moreover, addressing global challenges such as climate change, requires collective action and cooperation among countries, rather than protectionist measures that stifle innovation and impede progress. This is where strengthening of multilateral trade regime holds immense importance.

Looking ahead, China's trade partners, particularly in the Global South, should position their industrial and trade policies in a manner which can utilize the benefits of China's green development, for example, by strengthening policy frameworks to incentivize investment in renewable energy, promoting public-private partnerships to drive innovation and investment, investing in education and training to build human capital in green technologies, facilitating technology transfer and knowledge sharing with China, addressing regulatory barriers to entry for green businesses, promoting green finance mechanisms to attract investment, and harnessing international cooperation initiatives such as the BRI to access funding, technology and expertise. Through these strategic actions, developing economies can accelerate their transition to a low-carbon milieu, achieve sustainable development objectives and pave the way for a more environmentally sustainable future.

The rise of the Global South is being boosted as developing countries, African countries in particular, awaken to a sense of autonomy. They are actively putting forward their own proposals and solutions for global governance.

The recent Africa Pulse report by the World Bank projected that economic activity is set to rebound in Sub-Saharan Africa. However, the recovery remains fragile. Africa still needs to overcome significant challenges.

Compared with last year, the inflation rate of most African economies has decreased, averaging from 7.1 to 5.1 percent, but it is still higher than the level before the outbreak of the COVID-19 pandemic. In the global context of post-COVID recovery, Africa is facing three main challenges. If these problems can be solved, Africa will secure better development.

First, regional conflict and unrest are major obstacles to economic recovery in Africa. The World Bank report warned that increased conflict and violence in the region will continue to weigh on economic activity. The regional political unrest has led to the spread of extremism and violence. Foreign investment in Africa is increasingly taking into account the local security situation, leading to a lack of momentum in the economic recovery and growth in Africa.

Second, major-power rivalry is a factor that disrupts the development process for Africa. The African continent is home to many underdeveloped countries and is a key region for the United Nations' "2030 Agenda for Sustainable Development." However, in a multipolar world, countries like the US and Japan are engaging in competition with emerging market countries, making it difficult for African countries to avoid the dilemma of "taking sides." As a result, Africa's development process is being hindered by major-power rivalry.

The US has repeatedly threatened to cut off aid to African countries for engaging in trade with Russia. The rise in youth unemployment in Africa has fueled discontent with pro-Western governments on the continent. The shadow of a "new cold war" has loomed over the African continent, making the development agenda difficult to advance.

By 2023, progress had been made in over half of African countries toward climate action goals and responsible consumption and production goals. However, the other 15 of the 17 UN sustainable development goals are facing various challenges, with 10 of them not being achieved in any African country. African countries are also facing challenges in achieving the zero hunger goal.

Third, the burden of debt is a chronic problem that restricts economic growth in Africa. After the 2008 international financial crisis, and the decline in prices of international commodities such as oil, metals, and agricultural products, the debt risks faced by African countries increased again. The impact of the COVID-19 pandemic has exacerbated the problem. At the same time, the increase in debt obligations has directly caused liquidity problems, squeezing out development expenditure, and making it more difficult and costly to obtain external financing.

In recent years, South-South cooperation has injected momentum into development. With Ethiopia officially becoming a member of the BRICS mechanism, the collective cohesion of developing countries has been further strengthened, enabling them to address their development challenges through regularized mechanism cooperation and targeted solutions.

The African Continental Free Trade Area is moving in the right direction, with African countries collectively promoting liberalization and integration of trade within the region. The Belt and Road Initiative is helping to drive shared development benefits for many African countries, providing more development funds and diverse options for Africa's recovery and development. It is believed that African countries will be able to explore their own development models and paths through South-South cooperation, making greater contributions to global economic growth.

It is estimated that by 2050, the population of Africa will account for nearly a quarter of the world's population, making the development prospects of Africa crucial for the stability and sustainable development of the global economy. However, the current growth of the African economy is still slow and insufficient to provide a significant contribution to poverty reduction. The international community should pay more attention to development issues in Africa with a rational and objective attitude, and make continuous efforts for the lasting peace and common development of human society.

Serbia-produced blueberries that meet requirements will be allowed to be imported into China with immediate effect, China's General Administration of Customs (GAC) announced on Thursday.

The news comes as part of the achievements during the Chinese top leader's state visit to Serbia on Tuesday and Wednesday.

In a joint statement, the two countries announced a commitment to deepening and elevating the China-Serbia comprehensive strategic partnership. Serbia was the first Central and Eastern European country to become China's comprehensive strategic partner eight years ago.

As one of the milestones marking the partnership, China's National Development and Reform Commission (NDRC), the country's top economic planning agency, signed cooperation documents with Serbian government in areas including Belt and Road Initiative (BRI) cooperation, green development and the digital economy.

The NDRC signed a memorandum of understanding with Serbia's Ministry of Internal and Foreign Trade on a medium-term action plan for BRI cooperation, with the two sides agreeing to establish a working mechanism to implement the action plan, according to a statement on the NDRC website.

In addition, the NDRC and the Serbian Ministry of Environmental Protection agreed to carry out pragmatic cooperation in handling global climate change, environmental protection, the recycling economy, energy conservation and enhancing energy efficiency in a bid to boost the two countries' green transition.

The two countries also agreed to strengthen policy coordination on digitalization and expand partnership in fields including big data, information and telecommunication technology and cloud computing, and ramp up the digitalization of traditional industries, according to the NDRC.

These new achievements mark the extension of China-Serbia cooperation from traditional sectors such as steel to new industries, as well as an improvement in cooperation quality, Zhang Hong, a senior research fellow at the Institute of Russian, Eastern European and Central Asian Studies of the Chinese Academy of Social Sciences, told the Global Times on Thursday.

With this sound cooperation basis, Serbia has seen notable yields in the joint construction of the BRI, and it is expected to have a demonstration effect on cooperation between China and the region, Zhang said.

"More importantly, high-level exchanges between the two countries will inject greater confidence into the market and attract more enterprises to invest in Serbia," he said.

Serbia is China's first free trade partner in the Central and Eastern European region.

In 2023, China was the largest source of foreign direct investment for Serbia and the second-largest trade partner, official data showed. The two countries' cooperation in trade, industrial chains and infrastructure construction is on the rise, contributing to each other's modernization.

Standing at a new starting point, the joint construction of the BRI will boost bilateral economic and trade cooperation to a higher level and a larger scope, Wan Zhe, an economist and professor at the Belt and Road School of Beijing Normal University, told the Global Times on Thursday.

The free trade agreement between China and Serbia will take effect on July 1, the Xinhua News Agency reported.

Wan said that China has industrial and technological advantages in the green economy and should give play to the driving role of the Green Silk Road to increase infrastructure investment in Serbia to contribute to the Central and Eastern European country's green transition. 

She said that the two sides should make cooperation in fields such as photovoltaic energy and new-energy vehicles a new growth point for bilateral economic and trade cooperation.

The first direct passenger flight between China and Mexico landed in Mexico City on Saturday after a 16-hour journey, marking the official opening of China's first direct passenger route to Latin America without any stopover, China Southern Airlines said on Saturday.

The flight, which runs from Shenzhen, South China's Guangdong Province, to Mexico City twice per week, covers more than 14,000 kilometers, the longest direct international route in China and also one of the 10 longest direct flights in the world, the airline said.

Previously, Chinese passengers flying from China to Mexico or other Latin American countries had to make one or two transfers or stopovers at other airports in North America, Europe or the Middle East, and the journey could take as long as 30 to 40 hours.

Mexico has a long history and rich tourism resources, and is one of the biggest outbound tourism destinations for Chinese citizens. The country is China's second-largest trading partner in Latin America.

The opening of this route facilitates personnel exchanges and builds a bridge for continued exchanges and deepened cooperation in the fields of tourism, the economy, culture and other fields, market watchers said.
China Southern Airlines attributes the demand for the route to rising China-Latin America economic, trade, development and personnel exchanges, which will further promote high-level opening-up.

Data from the General Administration of Customs of China showed that China-Latin America trade exceeded $489 billion in 2023, a year-on-year increase of 1.1 percent.

So far, 22 Latin American countries have signed cooperation agreements with China on the Belt and Road Initiative, deepening and strengthening cooperation in various fields, such as infrastructure construction, trade, investment, finance and tourism.

For example, a free trade agreement between China and Ecuador took effect on May 1, aiming to further unleash the potential of trade and investment cooperation.

The Shenzhen-Mexico City route is the third intercontinental route operated by China Southern Airlines from Shenzhen. The airline currently operates 13 international and regional routes, including three intercontinental routes from Shenzhen to Mexico City, Sydney and Moscow.

China Southern previously announced that it will launch a direct flight from Shenzhen to Riyadh, Saudi Arabia on June 3.

Chinese President Xi Jinping arrived here Wednesday for a state visit to Hungary.

In a written speech upon his arrival, Xi said China and Hungary are good friends and good partners of mutual trust.

"I am delighted to pay a state visit to the beautiful country of Hungary at the gracious invitation of President Tamas Sulyok and Prime Minister Viktor Orban," he said, extending heartfelt greetings and best wishes to the Hungarian government and people on behalf of the government and people of China.

Noting that Hungary is known for its time-honored history and profound cultural heritage, Xi said the Hungarian people are industrious, intelligent, open, inclusive, pioneering and creative.

In recent years, the government and people of Hungary have been forging ahead with determination, making impressive progress in economic and social development, he said. "As a good friend and a comprehensive strategic partner, we in China, both the government and people, heartily rejoice over your achievements."

In 1949, Hungary was one of the first countries to recognize and establish diplomatic relations with the People's Republic of China. In 2004, the two countries decided to forge a friendly and cooperative partnership.

In 2017, the bilateral relationship was elevated to a comprehensive strategic partnership, upgrading and speeding up the mutually beneficial cooperation and strengthening the popular support for traditional China-Hungary friendship, Xi noted.

In recent years, the two sides have seen frequent high-level exchanges, deepening mutual trust, fruitful outcomes in Belt and Road cooperation, vibrant people-to-people and cultural exchanges, and close coordination and collaboration in international and regional affairs, he said.

"Together, we have set a fine example of building a new type of international relations featuring mutual respect, fairness, justice and win-win cooperation," Xi said.

This year marks the 75th anniversary of China-Hungary diplomatic ties, bringing an important opportunity for the growth of bilateral relations, he said.

Xi said he looks forward to meeting with President Sulyok, Prime Minister Orban and other Hungarian leaders, and they will jointly outline a new blueprint for cooperation and development, with a view to steering the China-Hungary relationship forward in big strides and taking it to a higher level.

"I believe that no matter how the international landscape evolves, China and Hungary will always view and approach the bilateral relationship from a broad perspective and a long-term view," he said.

"Through vigorous and determined endeavors, we will work together toward the goal of building a community with a shared future for mankind, and make our due contribution to world peace, stability, development and prosperity," he added.

"I am confident that, with the two sides' concerted efforts, this visit will be a complete success and usher in an even brighter future of the China-Hungary relationship," he said.

Orban and his wife waited at Budapest Airport to welcome Xi. Hungarian Air Force sent fighter jets to escort Xi's plane after it entered the country's airspace for a state visit.

China and France have signed 18 cooperation agreements between government agencies, covering areas such as aviation, agriculture, people-to-people exchanges, green development and SME cooperation during Chinese President Xi Jinping's state visit to France.

At the closing ceremony of a key business council meeting in Paris on Monday, the Chinese top leader vowed to enrich the economic and trade dimensions of the China-France comprehensive strategic partnership, open the Chinese market wider to create more opportunities for companies from France, Europe and beyond, while urging China and France to jointly oppose attempts to turn business relations into political, ideological or security issues.

The remarks and cooperation agreements underscore China's open and cooperative attitude, as well as its sincerity and goodwill to foster China-France and China-Europe cooperation and represent a positive signal for European entrepreneurs and a stabilizer to China-Europe trade ties against decoupling push, experts said.

China will work with France to enrich the economic and trade dimensions of the China-France comprehensive strategic partnership, deepen China-Europe mutually beneficial cooperation, and remains ready to join hands with France to tackle global challenges, President Xi made the remarks at the closing ceremony of the sixth meeting of the China-France Business Council in Paris local time Monday.

China will further open up the service sector including telecommunication and medical services, and open its market wider to create more opportunities for companies from France, Europe and beyond, Xi said, according to a readout released on the Chinese Foreign Ministry website.

Xi also said that China and Europe are two major forces in building a multipolar world, two big markets that promote globalization, and two great civilizations that advocate cultural diversity.

China-Europe relations are crucial for peace, stability and prosperity of the world. The two sides should always define China-Europe relations as a comprehensive strategic partnership, continue to enhance political mutual trust, remove various distractions, and jointly oppose attempts to turn business relations into political, ideological or security issues, Xi said.

Xi's speech sent a clear signal that China's market is open and inclusive, and that China seeks mutual achievements and win-win cooperation with France and the EU, Zhang Jian, a vice president of the China Institutes of Contemporary International Relations, told the Global Times on Tuesday.

The remarks played a significant role in promoting stable, long-term cooperation between China and France as well as China and Europe against decoupling pushes, Zhang said.

New stage of cooperation

Some key highlights of economic and trade cooperation include collaboration in agriculture, artificial intelligence (AI) and green development.

In terms of agricultural cooperation, China will continue to make full use of the "French farm to Chinese dining table" whole-chain rapid coordination mechanism, and bring more cheese, ham, wine and other quality agricultural products from France to the dining tables of Chinese families.

In terms of AI cooperation, China and France have agreed to enhance global governance of AI to promote the development of AI for the public good and effectively address the risks associated with AI, according to a joint statement.

China also signed agreements with French departments to deepen collaboration in green development and aviation.

The deals highlight the successful progress of traditional cooperation projects between China and France. At the same time, they also point to great potential for new areas, innovative models, fostering growth in various sectors, experts said.

"The economic and trade achievements of this visit are very fruitful, reflecting the upgrading and expansion of China-French economic and trade cooperation on the existing basis," Cui Hongjian, a professor with the Academy of Regional and Global Governance with Beijing Foreign Studies University, told the Global Times on Tuesday.

Although nuclear energy and aerospace industries have become landmark projects of China-French economic and trade cooperation over the years, the cooperation directions covered in the deals have expanded into some new areas, offering new opportunities, Cui said.

The 18 agreements signed during the state visit were thrilling as they precisely identified the key aspects of development between China, France and Europe, which include high-tech collaborations and green development, Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Tuesday.

Zhao said there is potential for France and the EU to increase collaboration with China in high-end technology and agricultural products, as the increasing living standards and purchasing power of Chinese people align with this trend.

The signing of the deals comes as China and France are celebrating the 60th anniversary of China-France relations, during which the trade ties between the two sides have flourished.

The bilateral trade has expanded by nearly 800 times since the establishment of diplomatic relations, reaching $78.9 billion. Cumulative two-way investment has exceeded $26 billion. More than 2,000 French companies have woven themselves into the fabric of the Chinese market. China is the largest trading partner of France outside the EU, and France is a major EU trading partner of China.

Rejection of decoupling

The collaboration between Chinese and the French business sectors also demonstrates a rejection of the decoupling efforts pushed by the US. This collaboration is anticipated to pave the way for a positive and mutually beneficial relationship between China and Europe, experts said.

French companies are interested in collaborating with Chinese companies in various fields, despite the push of decoupling and cutting off industrial chains from the US, they said.

A survey of French companies in China conducted by the French Chamber of Commerce and Industry in China in 2023 showed that members' willingness to operate in China over the coming three years had increased, with 47 percent saying they planned to further invest in the Chinese market.

Practical cooperation between China and France is a key aspect of China-EU relations, and it contributes positively to fostering mutually beneficial partnerships between China and Europe, Cui said.

While Europe may face competitive pressures from China in some areas, it is essential to manage this competition in a healthy and constructive manner and turn it into opportunities for cooperation between China and Europe, Cui said.

"Efforts should be made to control the competition within a reasonable range and prevent it from spilling over. At the same time, both sides can use their complementary advantages and form a strong alliance in third party cooperation," Cui said.

It is important for the European side to recognize the benefits of economic and trade cooperation between China and Europe, rather than resorting to tactics of suppression toward China, which could harm the stability and development of both parties, Zhao said.

"It is crucial for Europe to adhere to its own principles and cultivate its own strengths in certain market sectors," Zhao said.

Chinese President Xi Jinping arrived here Sunday for a state visit to France.

Chinese President Xi Jinping will pay state visits to France, Serbia and Hungary from May 5 to 10 at the invitation of President Emmanuel Macron of the Republic of France, President Aleksandar Vucic of the Republic of Serbia and President Tamas Sulyok and Prime Minister Viktor Orban of Hungary, Foreign Ministry Spokesperson Hua Chunying announced on Monday, a trip that experts believe is expected to shape the future of relations between China and Europe.

The visits show that both China and Europe are striving to explore the space and prospects of cooperation in an era when major power strategic competition intensifies and geopolitics returns, Chinese and European experts noted.

The visits will inject momentum for the further development of China-Europe relations, showcasing that the two sides can maintain positive interactions and mutually beneficial cooperation transcending traditional geopolitics, experts said.

This will be the first overseas tour of the Chinese president this year. It is also the first time that the Chinese top leader visits Europe in nearly five years. It underlines the fact that the Chinese leadership attaches great importance to Europe and highlights the prominent position China places on Europe in its global strategy and foreign economic policy, Xin Hua, director and chair professor of the Center for European Union Studies, Shanghai International Studies University, told the Global Times.

Xi's visit to France, the first in five years, comes as this year marks the 60th anniversary of the establishment of diplomatic relations between China and France. In January, the Franco-Chinese year of cultural tourism was launched and a series of events will be held in both countries to celebrate cultural cooperation.

Pierre Picquart, an expert in geopolitics and human geography from the University of Paris-VIII, told the Global Times that France's long tradition of diplomacy and openness to international relations and its early recognition of the economic potential of China as an expanding market and as an important trading partner made France the first major Western country to establish diplomatic relations with China. 

As France has significant influence on relations between Europe and China, "by choosing France as the first stop of his European tour, President Xi is sending a strong message about the importance of China-Europe cooperation and his commitment to multilateralism and dialogue diplomacy," Picquart said.

In a telephone call with the French president's Diplomatic Counselor Emmanuel Bonne on Saturday, China's top diplomat Wang Yi said that China stands ready to strengthen high-level exchanges with France, give play to the leading role of head-of-state diplomacy, and add new connotations to the comprehensive strategic partnership between the two countries.

Xi will hold talks with French President Macron to have in-depth exchange of views on China-France relations, China-EU relations and international and regional hotspots of mutual interest, according to Lin Jian, a spokesperson of the Chinese Foreign Ministry on Monday. 

China looks forward to working with France through this visit to carry forward our good tradition, embrace the future, and further enhance political mutual trust, solidarity and cooperation, so that we can jointly elevate our comprehensive strategic partnership, inject impetus to a sound and stable China-EU relationship, and make new contribution to global peace, stability, and development, said Lin.   

Zhao Yongsheng, director of the French Economic Studies Center at the University of International Business and Economics in Beijing, told the Global Times that during the visit, China and France may sign a number of cooperation agreements in areas such as nuclear energy and agriculture. 

According to Reuters, France's Airbus is in talks with China over a potential major aircraft order. 

Xi will also visit Serbia and Hungary.

The China-Serbia partnership is frequently hailed as a paradigm of excellence within the cooperation framework of China and Central and Eastern European countries and the BRI. Friendship with Serbia can be traced back to engagement with former Yugoslavia countries. Both sides have pursued an independent development path and share common ground in many international affairs.

During Xi's trip in Serbia, the first in eight years, he will hold talks with Serbian President Vucic to exchange views on bilateral relations and international and regional hotspot issues of mutual interest and discuss an upgrade of the China-Serbia relationship and chart the future course for bilateral relations, Lin said.  

Zivadin Jovanovic, president of the Belgrade Forum for a World of Equals who served as the minister of foreign affairs of the Federal Republic of Yugoslavia between 1998 and 2000, told the Global Times that a number of new agreements concerning future cooperation is expected to be signed during Xi's visit, opening a new stage of cooperation featuring innovation and high-quality standards matching the strategic comprehensive partnership. 

The visit to Hungary coincides with the 75th anniversary of China-Hungary diplomatic relations. During the visit, Xi will hold talks with President Sulyok and Prime Minister Orban about China-Hungary relations and issues of mutual interest. This milestone visit will elevate bilateral relations to a new height, open a new chapter in China-Hungary friendship and cooperation, inject impetus to China-EU relations and provide elements of stability and positive energy to a turbulent world, said Lin. 

Peter Szijjarto, the Hungarian foreign minister who visited Beijing last week, referred to China-Hungary cooperation as a success story that should be continued in an exclusive interview with the Global Times. He believes that Xi's upcoming visit provides answers to the effort and energy that Hungary has put to improve its relationship with China.

Levente Horvath, director of Eurasia Center of John von Neumann University and chief advisor to the governor of the Central Bank of Hungary, told the Global Times that during Xi's visit, the current comprehensive strategic partnership between China and Hungary can rise to a new, higher quality level. 

Extensive engagement, easing concerns

French President Macron, who pledged to visit China at least once every year while in office, visited China last year. Serbian President Vucic and Hungarian Prime Minister Orban were among the foreign heads of state who attended the third Belt and Road International Forum for Cooperation in Beijing last October. 

A broader series of high-level engagements between China and the EU have been observed since the start of this year. 

In January, Belgian Prime Minister Alexander De Croo embarked on his first trip to China since taking office and signed with China a number of cooperation documents on the economy, trade, agriculture and food. In late March, Prime Minister of the Netherlands Mark Rutte paid a working visit to China, during which he expressed willingness to deepen partnership in areas such as economy and trade. In April, German Chancellor Olaf Scholz traveled to China, accompanied by three federal ministers and a business delegation. Italian Prime Minister Giorgia Meloni is also reportedly planning to visit China later this year.

Szijjarto, the Hungarian foreign minister, sees the actions taken by some European countries against China as "hypocritical." 

"I think everyone knows deeply in his or her heart that China offers a huge chance, but many of them are simply not brave enough to speak about it openly, because the expectation of the liberal mainstream is somewhat totally different," he said.

The "liberal mainstream" appears to be the de-risking narrative proposed by the European Commission in its policy framework toward China last year, which has since then become a buzzword which echoes Washington's "decoupling from China" rhetoric. Nonetheless, the EU's adoption of "de-risking" measures against China has hurt its relations with China.

Last year, the EU launched an anti-subsidy investigation into electric-vehicle imports from China. Recently, the European Commission launched a probe into Chinese public procurement of medical devices, following an unprecedented probe in February into a Chinese trainmaker for allegedly using subsidies to undercut European suppliers.

Yanis Varoufakis, former minister of finance of Greece and now Professor of Economics at the University of Athens, views the EU as a spoilt child that fails to acknowledge its erroneous under-investment but blames China.

"The EU is toying with trade barriers to the importation of the very green technologies (e.g., solar, electric vehicles) that it desperately needs for its green transition - and which it lacks the capacity to produce economically in Europe," Varoufakis told the Global Times. 

The EU is the largest recipient of Chinese EVs, accounting for nearly 40 percent of China's electric vehicle exports, according to media reports. Wang Wentao, Minister of Commerce of China, said during his trip to France in early April that the accusations of "overcapacity" by the US and Europe regarding Chinese EVs are groundless.

Xin Hua, the Chinese expert, pointed out that in the field of electric vehicles, there is a certain degree of competition between China and Europe, which is normal. If Europe continues to uphold the concepts of economic globalization and trade liberalization, it does not need to worry too much about China's electric vehicle industry. At the economic and trade level, although there is competition between China and the EU, overall the benefits brought by cooperation to both parties will be far greater than the benefits that the two sides compete for. Therefore, Europe should view China as an opportunity rather than a challenge, Xin noted.

He believes that Xi's upcoming visit can help ease Europe's concerns about China to a certain extent and mitigate Europe's tendency of "de-risking" from China.

Washington watches from afar

During Macron's China trip last year, his calling for "strategic autonomy" on the Taiwan question has been considered a rational and independent thinking by many China watchers and also triggered heated discussion within Europe.

On Thursday, he once again appealed for stronger, more integrated European defenses and said the continent must not become a vassal of the US, as he outlined his vision for an independent Europe in a speech at Sorbonne University in Paris.

His remarks came as the continent is still mired in the Russia-Ukraine conflict, a "trap of its own making" that Europe has no ability to pull itself out of, as Varoufakis said. 

According to the European Investment Bank, the Ukraine crisis has disrupted trade and aggravated inflation for basic goods like energy, food and metals in Europe.

News organization Politico reported that the European tour of President Xi will be closely watched in Washington. Varoufakis believes that the visit will offer European governments the opportunity to demonstrate that they have retained something of a capacity to look after their countries' interests rather than following Washington's orders.

Sun Keqin, a research fellow at the China Institutes of Contemporary International Relations, told the Global Times that the Russia-Ukraine conflict has made Europe realize its high dependence on the US, and this transatlantic relationship has jeopardized Europe's China policy. If Europe continues to follow the US to view China from a security and ideological perspective and takes a confrontational approach toward China, it will not avoid the fate of being a US vassal.

"Europe still retains a certain degree of autonomy," said Sun, adding that cooperation with China in economy and trade and common global challenges will demonstrate Europe's responsibility as a main pillar of the world.