As Europe¡¯s top trade chief headed to Beijing this month shortly after announcing a probe into China¡¯s electric vehicle subsidies, some in the bloc braced for fiery criticism and any hint of retaliation.
Instead, the Europeans found President Xi Jinping¡¯s government ready to talk, make promises and avoid aggressive rhetoric that could inflame an economic relationship worth $900 billion. While Vice Premier He Lifeng expressed ¡°concern and dissatisfaction¡± over the probe, he agreed to set up several working groups including on financial services and trade curbs.
Beijing¡¯s careful managing of its ties with a top trading partner comes amid a broader push to stabilize geopolitical relationships, as an economic slowdown at home deflates expectations it will ever overtake the U.S. as No. 1. China has hosted four cabinet-level White House officials in Beijing in recent months, and reestablished working groups with the U.S. ahead of a potential Xi meeting with U.S. President Joe Biden in November.
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