China Seeks to Strengthen Economic Ties with EU Members
China is seeking to strengthen economic ties with individual members of the European Union, even as its trade relations with the 27-nation bloc soured over issues including accusations of Chinese government subsidies to the electric vehicle industry.
Sanofi to Invest in China
Sanofi plans to invest around US$1.05 billion to build a new insulin production base in Beijing, which will mark the French drugmaker’s largest single investment in China, the company said on Monday (Dec 2).
The site, which will be in the Beijing Economic and Technological Development Zone, will be Sanofi’s fourth production and supply base in China, Sanofi said in its official WeChat account.
China’s Commitment to Economic Cooperation
In a Monday meeting with Sanofi chairman Frederic Oudea in Beijing, Chinese Commerce Minister Wang Wentao said China will support all businesses equally in technological innovation and participating in market competition, a ministry statement said.
China will continue to open up its market, and is committed to building a business environment for companies including Sanofi to operate and develop with “peace of mind,” Wang added.
Conclusion
China’s efforts to strengthen economic ties with individual EU members, such as Sanofi’s significant investment in Beijing, demonstrate its commitment to fostering cooperation and economic growth. As trade relations between China and the EU continue to evolve, it is likely that we will see more instances of bilateral cooperation and investment.
FAQs
Q: What is the purpose of China’s efforts to strengthen economic ties with individual EU members?
A: China is seeking to promote economic cooperation and growth, despite trade tensions with the EU.
Q: What is Sanofi’s largest single investment in China?
A: Sanofi plans to invest around US$1.05 billion to build a new insulin production base in Beijing.
Q: What is the location of Sanofi’s new production base in China?
A: The site will be in the Beijing Economic and Technological Development Zone.
Q: What did Chinese Commerce Minister Wang Wentao say about China’s commitment to economic cooperation?
A: Wang said China will support all businesses equally in technological innovation and participating in market competition, and is committed to building a business environment for companies to operate and develop with “peace of mind.”
