Xinhua Commentary: Why sound China-EU cooperation crucial for the global economy-Xinhua

Xinhua Commentary: Why sound China-EU cooperation crucial for the global economy

Source: Xinhua

Editor: huaxia

2024-05-04 16:38:15

Construction workers of the Belgrade-Budapest railway project work on the tracks on the Novi Sad-Subotica section in Sajlovo, Serbia, on April 11, 2024. (Xinhua/Zheng Kaijun)

by Xinhua writer Zeng Yan

GENEVA, May 4 (Xinhua) -- When the name Orient Express could still conjure up the famed adventures depicted by writer Agatha Christie during a leisurely eight-hour journey between Hungary and Serbia, modern society, accustomed to a fast-paced life, also yearns for swifter, more efficient travel options.

Trips in the Balkans may soon become less exhausting with the completion of the Hungary-Serbia railway, a flagship project of the China-proposed Belt and Road Initiative (BRI). Once brought into full operation, this railway will reduce the journey between their capitals to just three hours. Furthermore, it will enhance freight transport, promote trade, and invigorate the two economies.

The railway is among a range of Belt and Road projects that have delivered tangible benefits to Europe and beyond, and such achievements are not possible without visionary leaders who are keen to harvest shared benefits from win-win cooperation.

Chinese and French experts attend the second China-France forum on global governance in Paris, France, on May 2, 2024. (Xinhua/Gao Jing)

Serbia, Hungary, and France are three destinations of Chinese President Xi Jinping's upcoming state visits on May 5-10. Each of these European countries shares a profound friendship with China and has witnessed fruitful cooperation in recent years.

In addition to tangible outcomes from Belt and Road cooperation between China and Serbia, Hungary has been China's primary investment destination in Central and Eastern Europe for consecutive years. Furthermore, China-France relations have long been at the forefront of China's relations with major Western countries and the two serve as crucial stabilizing forces in the increasingly volatile China-Europe relations, bringing more stability and certainty to a turbulent world and further energizing global development.

The comprehensive strategic partnership between China and the EU has seen fruitful results over the past some 20 years. As two major forces advancing multipolarity, two major markets in support of globalization, and two major civilizations championing diversity, China and the EU have achieved remarkable cooperation in various fields, which has greatly benefited the peoples of both sides and has made positive contributions to world peace, stability, and prosperity.

Stable China-EU relations are in the world's interests. The China-Europe freight train service, connecting 219 cities in 25 European countries, established a secure and efficient lifeline for global industrial and supply chains, and is playing a unique role in the Red Sea shipping crisis; China's visa-free policy for multiple European countries further facilitates personnel and trade exchanges; and key cooperation projects under the BRI, such as the Belgrade-Budapest railway, the Port of Piraeus in Greece, and the Peljesac Bridge in Croatia, continue to benefit the people along the routes.

Moreover, Chinese and European enterprises continue to be upbeat about each other's markets, as statistics showed that the stock of two-way investment has exceeded 250 billion U.S. dollars.

A man looks at a BYD electric vehicle in Budapest, Hungary, Oct. 17, 2023. (Photo by Attila Volgyi/Xinhua)

Booming trade is complementary and mutually beneficial in essence. European high-end home appliances have improved the living standards of Chinese citizens, and Chinese-made electric vehicles have accelerated Europe's green and digital transition. China's pursuit of economic growth based on innovation in advanced sectors will unleash even more potential for China-EU cooperation.

Evidence abounds that China and Europe are partners, not rivals; they offer opportunities to each other, not threats; their common interests far outweigh their divergence.

Both are the decisive forces shaping the future global landscape: they are opposed to the world sliding into a new Cold War featuring bloc confrontation; they are staunch champions of multilateralism instead. As the world is mired in a glaring governance deficit, China-EU cooperation is essential for addressing global challenges posed by climate change, nuclear proliferation, and artificial intelligence, among others.

Sound China-EU ties not only benefit both peoples but exemplify cooperation among countries around the world. The two sides have greater responsibilities to maintain the openness of the world economy in the future. Although the Orient Express is past its prime, China Express promises endless opportunities. Europe and the wider world are welcome to board.

Comments

Comments (0)
Send

    Follow us on