China says EU must fix its mindset, not China trade policy, ahead of key summit
'It is hoped that the European side realises that what needs to be rebalanced right now is Europe's mentality, not China-EU economic and trade relations,' foreign ministry spokeswoman Mao Ning said.
European Commission president Ursula von der Leyen said yesterday that the EU would seek to rebalance economic ties with China, demanding it eases market access for European firms and loosen export controls on rare earths.
Addressing the European Parliament in Strasbourg, von der Leyen said Beijing was running the largest trade surplus 'in the history of mankind' exporting vast amounts to the EU while making it harder for European companies to do business in China.
The trade deficit between China and the EU was a yawning $357 billion in 2024.
The commission leader, who will travel to Beijing with European Council President Antonio Costa, said the pair will seek to loosen export restrictions on rare earths—while Brussels also looks at 'developing alternative supply resources'.
Beijing snapped back on Wednesday, saying that in the 'current turbulent situation', the bloc and China should 'properly handle divergences and frictions'.
'We hope that the European Union will truly establish a more objective and rational understanding of China and pursue a more positive and pragmatic China policy,' Mao said. — AFP pic
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
25 minutes ago
- The Star
Trading ideas: PTT, Azam Jaya, Harvest Miracle, AmFIRST REIT, Citaglobal, Pharmaniaga, Saliran, Pentamaster, Magma
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. PTT Synergy Group Bhd has allocated RM2.3bn in capital expenditure over the next two years for its automated warehouse business, which will cover the development of four new automated warehouses. Azam Jaya Bhd's unit Pembinaan Azam Jaya Sdn Bhd has bagged a RM120.9mn contract from the Transport Ministry for upgrading works at Tawau Airport in Sabah. Harvest Miracle Capital Bhd is formally diversifying into construction materials trading after successfully dipping its toes into the segment. AmFIRST Real Estate Investment Trust has appointed Mana Mana Holdings Sdn Bhd, a subsidiary of Exsim Hospitality Bhd, as the project manager of the refurbishment and rebranding of the Summit Hotel Subang USJ in Selangor. The Sultan of Pahang, Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, has increased his stake in Citaglobal Bhd to 13.3% following the off-market acquisition of 15mn shares. Pharmaniaga Bhd has completed its regularisation plan, with the completion of RM520mn capital reduction that trimmed the pharmaceutical group's issued share capital to RM249.6mn, as well as wipe out its accumulated losses. Saliran Group Bhd inked a MoU with China-based Maoming Port Group Co Ltd and Malaysia's PCA Group Sdn Bhd to establish a framework for cooperation in the oil and gas sector. Pentamaster Corp Bhd 's net profit for 2QFY25 declined 41.7% YoY to RM11.6mn from RM19.9mn previously, dragged down by lower contribution from its factory automation segment and unfavourable foreign exchange losses. Magma Group Bhd former executive chairman Datuk Seri Ismail @ Farouk Abdullah has ceased to be a substantial shareholder in the hotel management and property development company, following a 0.24% stake trim to 4.9%.
New Straits Times
an hour ago
- New Straits Times
No compromise on country's sovereignty
KUALA LUMPUR: Foreign Minister Datuk Seri Mohamad Hasan said every action the government takes on the South China Sea issue is based on thorough and strategic consideration, and that Malaysia's sovereignty will not be compromised. He said matters related to the South China Sea were complex and sensitive and must be approached with great caution and diligence. "I wish to emphasise that in dealing with disputes over the South China Sea, the government takes all necessary steps to ensure our sovereignty, sovereign rights and national interests remain central to every decision made," he said in a written reply in the Dewan Rakyat yesterday. "The government also consistently affirms Malaysia's position in all engagements with foreign nations, at every level, from heads of state to government officials." Mohamad was responding to a question from Tan Sri Muhyiddin Yassin (PN-Pagoh), who asked about the measures the government was taking to ensure Malaysia maintained a neutral yet sovereign position in international conflicts. Muhyiddin's question referenced the Malaysian Airlines flight MH17 case, the South China Sea dispute and Prime Minister Datuk Seri Anwar Ibrahim's recent visits to Russia and China. Mohamad said in its role as the Asean-China country coordinator until July 2027, Malaysia was working to expedite the negotiation process of the Code of Conduct for the South China Sea to ensure a substantive and effective agreement was concluded as soon as possible. "Malaysia will continue to uphold its sovereignty, sovereign rights, and national interests in its maritime zones in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea." On MH17, Mohamad said Malaysia remained committed to pursuing justice for all victims, their families, and the parties involved. He said Anwar raised the outcome of the legal proceedings relating to the MH17 tragedy during his meeting with Russian President Vladimir Putin in Moscow on May 14. "President Putin expressed his condolences to the families of the victims, describing the incident as a tragedy, and gave assurance that Russia would cooperate with an independent and credible investigation. "The Malaysian government reaffirms its commitment to a transparent judicial process, in accordance with international law, to hold those responsible for this horrific tragedy accountable, and remains steadfast in its pursuit of justice for the victims' families," he added.
The Star
2 hours ago
- The Star
McDonald's China plans 10,000 outlets
McDonald's China has committed to local execution across management, operations, and innovation. — China Daily BEIJING: McDonald's China's plan to open 1,000 new stores annually and reach as many as 10,000 locations by 2028 is on track, boosted by innovation and localisation, according to its top executive. The food service chain unveiled a report recently to mark the eighth anniversary of its transition to a developmental licensee model under the 'jin gong men' (golden arches) banner. McDonald's China was acquired by a consortium led by CITIC Capital in 2017. The report coincides with the company's rapid expansion, with more than 7,100 outlets across 280 cities – more than triple the number in 2017 – and over 1.3 billion annual customer visits. Phyllis Cheung, CEO of McDonald's China, said: 'The 'jin gong men' model – a global brand empowered by local ownership and operations – has enabled us to respond faster to market dynamics, drive innovation, and scale impact across food, sustainability, talent, and community.' McDonald's China has committed to local execution across management, operations, and innovation. Cheung said the fully localised management team allows the company to stay 'closer to customers' and move 'faster than ever', making decisions independently and feeding successful China-born innovations including its spicy menu series. — China Daily/ANN
