In response to an EU ban on Chinese firms from major medical equipment purchases, China has retaliated by imposing a reciprocal ban on European companies, marking the latest escalation in trade tensions between the two economies.
China’s finance ministry said in a statement on Sunday that European Union companies, with the exception of “those with European capital established in China, will have to be excluded” from orders of more than 45 million yuan ($6.3 million).
The Ministry also specified that the proportion of products from the EU could not exceed 50 percent in bids from non-European companies.
This move, which comes into effect from Sunday, covers a wide range of products, from prosthetic devices and parts to medical machinery and surgical instruments.
In a separate statement, China’s Commerce Ministry reiterated Beijing’s willingness to resolve its trade disputes with Brussels through dialogue and deals between the two sides.
“China has repeatedly expressed, through bilateral dialogue, its willingness to resolve these disputes appropriately through consultations, dialogue and bilateral arrangements in the field of public procurement,” China’s commerce ministry stated.
China and the EU have a huge trade deficit of $357.1 billion. The European Commission has suggested that one way to decrease the trade gap is for Beijing to allow Chinese government contracts for EU-made medical devices.
Other economic sectors that Brussels wishes to push Beijing into paving the way for the EU companies to enter the huge Chinese market include electric cars, the rail industry, solar panels, and wind turbines.
Last week, China’s top diplomat visited the EU’s headquarters for reconciliation, in an effort to mend differences and bring the two sides closer.
Foreign Minister Wang Yi also visited France and Germany to improve the bilateral relations with the 27-member bloc.
Beijing’s top diplomat has also been focused on strengthening diplomatic relations with Moscow, voicing his nation’s commitment to “strengthen strategic cooperation” with the Russian neighbors.
In recent years, China and Russia have significantly strengthened their trade and diplomatic relations, with their strategic partnership in all fields growing even closer following the Ukraine conflict.
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