China and the EU share broad common interests and a profound basis for cooperation and enjoy strong economic complementarities. In the first quarter of this year, China-EU trade reached USD205.87 billion, up 12.2% year-on-year. The following features can be observed.

First, China-EU industrial cooperation goes deeper. In the first quarter of this year, China-EU trade in mechanical and electrical products, light industrial products and high-tech products grew 10%, 19% and 31% respectively. China-EU trade in intermediate goods amounted to USD84.26 billion, accounting for 40.9% of the total.

Second, price is a big driving force. Due to the rising costs of raw materials and international shipping, the value of China-EU trade grew much faster than the volume.

Third, the entry into force of China-EU GI agreement continues to unleash benefits. In the first quarter of this year, China-EU trade in tea, beer, apples, and cheese grew 54%, 21%, 69% and 56% respectively.

Under the current circumstances, deepening the mutually-beneficial cooperation between China and the EU is in the interest of both sides and can boost world economic recovery. China is ready to work together with the EU to maintain stable industrial and supply chains, and seek new growth in such areas as pandemic response, green development, digital economy and technology so as to inject new impetus into sound and sustained development of bilateral trade and economic cooperation. Thank you.