China and the European Union are advancing in the approval process of an investment agreement, the Comprehensive Investment Agreement (CAI), Gao Feng, a spokesman for the Chinese Ministry of Commerce, said on Thursday.
“The China-EU Investment Agreement serves the common interests of China and the EU and is beneficial to the whole world. Currently, both parties are carrying out technical preparations such as legal review and translation. Thank you,” Gao said.
In May, the European Parliament froze the ratification of that investment agreement.
In this regard, MEPs are critical of recent Chinese sanctions against European Union lawmakers and will not consider any talks about ratifying the Comprehensive Investment Agreement as long as they remain.
Before Gao’s statement on Monday, the Xinhua agency disclosed that during a virtual summit between Chinese, French and German leaders, French President Emmanuel Macron and German Chancellor Angela Merkel expressed their support for the CAI.
On July 5, according to Gao, President Xi Jinping held a video summit with Macron and Merkel and reached «a series of important consensuses,» providing a «powerful force» for China and Europe to expand mutually beneficial and mutually beneficial cooperation. .
«The political orientation of the People’s Republic of China has greatly increased the confidence of companies on both sides to deepen cooperation,» Gao added.
First, the economic recovery in China remains strong, although the pace of growth moderated somewhat in the first quarter.
Quarterly GDP growth in China slowed to 0.6% in the first quarter of 2021, reflecting the re-imposition of some Covid-19-related restrictions.
But the economic recovery in China has been relatively strong, with GDP now almost 7% higher than its level in the fourth quarter of 2019.
«Strengthening economic and trade cooperation between China and Europe is conducive to improving the well-being of the peoples of both sides, helping to jointly respond to global challenges and promoting global economic recovery,» Gao said.
On December 30, 2020, the EU and China reached an agreement in principle on the Comprehensive Investment Agreement, which covers market access.