EU trade chief warns of ballooning deficit with China
Speaking at the end of a four-day trip to China, the EU trade commissioner Valdis Dombrovskis raises the issue of Europe's ballooning trade deficit with China, which he says has reached 400 billion euros ($423 billion). Economic relations between China and the EU were thrown into the spotlight this month after the bloc launched a probe into Chinese subsidies for its electric vehicle industry.
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NewsTranscript
00:00 The current EU's trade deficit with China stands
00:04 at nearly 400 billion euros.
00:08 We also have real concerns about market access
00:10 and other challenges.
00:13 In a recent survey by the EU Chamber of Commerce
00:16 in China, nearly two-thirds of respondents indicated
00:20 that doing business has become more difficult.
00:23 The business environment has become more political
00:26 and less predictable.
00:29 We have requested that our Chinese partners engage
00:32 with us on these challenges.
00:34 Specifically, we wish to see greater transparency,
00:37 predictability, and reciprocity.
00:39 [BLANK_AUDIO]