China is ready to work with the European Union to improve global economic governance and coordinate macroeconomic policies, Chinese Finance Minister Lan Fo’an said on Friday, amid growing trade tensions between the two sides.
Lan made the remarks during a meeting in Bangkok with European Commissioner for Economy and Productivity Valdis Dombrovskis, European Central Bank President Christine Lagarde and Eurogroup President Kyriakos Pierrakakis.
Global economic imbalances are complex structural issues increasingly influenced by non-economic factors such as geopolitics and protectionism, Lan said, according to a statement from China’s finance ministry.
“All parties should view imbalances comprehensively, objectively,” Lan said, urging open cooperation and coordination of macroeconomic policies, the ministry statement said.
The meeting took place on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, a week after China and the EU reached an agreement on Chinese hybrid-car exports to the bloc.
The EU is seeking to reduce its trade deficit with China, which reached €360 billion ($400 billion) in 2025. The trade imbalance has fuelled concerns in Europe about competition from Chinese imports and the impact on European industries.
