EU envoy to hold talks in Beijing on trade deficit — The Hindu

European Commission chief trade envoy Maroš Šefčovič is due to arrive in Beijing, China, on October 8 for a two-day meeting with Chinese Commerce Minister Wang Wentao. The talks will take place amid European Union concerns over rising Chinese exports and potential job losses in industry.

Trade deficit

As reported by The Hindu, the EU seeks to reduce its trade deficit with China, which stands at €360 billion, or about $410 billion. According to the publication, this deficit exceeds $1 billion a day.

More current news is available on the UA.News Telegram channel Telegram.

China is the European Union's second-largest trading partner. The bloc is increasingly concerned about the trade imbalance, prompting political leaders to take a tougher approach in relations with Beijing.

Industry concerns

Politicians and economists in the EU's 27 countries consider substantial Chinese subsidies and export volumes to be a serious threat to the bloc's key industrial sectors. Earlier this year, Šefčovič set an October deadline for Beijing, by which China was to demonstrate tangible results in reducing the trade imbalance.