The COVID-19 pandemic has brought great uncertainty to the entire world. But, what impact will it have on the cause of globalization?

In a recent interview with China.org.cn, Ambassador Zhang Ming, head of the Chinese Mission to the European Union, insisted the historical trend will not be reversed radically.

He explained that globalization was an objective historical process independent of human will, dating back as early as the 16th century. 

On the one hand, with its rapid development in recent decades, all countries have participated extensively in the division of labor, and economic and industrial cooperation. With semi-finished goods now accounting for 70% of all international trade, the interests of nations have become deeply intertwined. No country can manage on their own or stand aloof. 

Meanwhile, coordination and cooperation are needed to tackle global issues. The pandemic this year has exposed deficiencies and vulnerabilities in both the global industrial and supply chains. 

Countries may scale up interventions in their own industrial layout. However, the global value chain is formed spontaneously according to market laws, and has been operating for decades. It is neither scientific nor realistic to cut it off through human intervention, or clamor for "decoupling," "industrial transfer" or "reconstruction."

China and EU are the natural guardians of globalization

Both China and the EU have benefited greatly from the multilateral trading system. Being opposed to unilateralism and protectionism, they have become the natural guardians of globalization. 

Zhang Ming explained that he has frequently exchanged views with Chinese and European businesspeople about issues concerning the global supply chain and the resumption of normal production and work.

"I learned that about 90% of European companies believe the impact of the epidemic is temporary and they will continue to focus on the Chinese market," he said, adding that many companies including Volkswagen plan to increase their investment in China this year.

According to a survey by the European Union Chamber of Commerce in China (EUCCC), although the pandemic has brought some difficulties to Chinese-funded companies operating in Europe, nearly 60% are willing to continue investing. 

Zhang believes that the similar choices of Chinese and European investors have brought hope to the current state of globalization that was running into headwinds.

In addition, Zhang also revealed that China and many European countries are taking the establishment of a "fast track" for essential personnel exchanges as an opportunity to create conditions for resuming work and production, and restarting economic and trade cooperation, as well as jointly maintaining the stability of the international industrial and supply chain to further boost confidence in weathering the pandemic.

European companies confident about the Chinese market

At present, more than 16,000 EU companies have invested in China, establishing more than 47,000 projects. With a cumulative investment of more than US$110 billion, they have generated huge profits. 

Joerg Wuttke, president of the EUCCC, said recently that China is the fastest growing market in the world, and that European companies would certainly not be choosing to leave the Chinese market. 

Ambassador Zhang believes that through the continuous deepening of China's reform and opening-up and its ever-improving market environment, European companies in China will be able to find more and better business opportunities.

Despite the ongoing pandemic, European companies still showed great interest in the China International Import Expo (CIIE). According to Zhang, as of now, more than 400 companies from 27 European countries have signed up to take part in the third expo. Many have even signed contracts to participate in the next few expos. "This reflects the great appeal of the CIIE and the strong confidence of European companies in the Chinese market," he added.

New mission facing China-EU relations

This year marks the 45th anniversary of the establishment of diplomatic relations between China and the EU. During that time, Zhang Ming explained, both sides had charted an extraordinary path. China has grown into the second largest economy in the world, and its mission of building a well-off society for 1.4 billon people is within reach. 

Political, economic and social integration have continued to advance in the EU, and the bloc now has 27 member countries. The paths of development and growth of China and the EU continuously intertwine, making them comprehensive strategic partners. Both sides have been actively promoting the construction of four major partnerships in peace, growth, reform and civilization. 

Since the establishment of diplomatic relations, the trade volume between China and the EU has grown 300-fold. China and the EU also witness 8 million visits each year.

According to Zhang Ming, Sino-European cooperation has been extended into many fields including peacekeeping and security, the environment, science and technology, culture, education, and health. Both sides have worked hard to maintain multilateralism and respond to global challenges in international affairs.

In the face of major changes not seen for a century, China and the EU have each established a set of grand development goals. Strong growth, lasting peace, continuous innovation, clean environment and diverse civilizations are all shared goals and will certainly inspire more vigorous cooperation. 

Looking ahead, Zhang Ming said the two sides now face a new mission: higher-quality development, closer cooperation and increased openness. 

He believes that technological innovation, digital interconnection, and environmental protection will play a more important role in the Chinese economy. Meanwhile, the EU is also actively promoting the European Green Deal and the European Digital Strategy. China and Europe should nurture these potential growth areas for cooperation.

China will not slow down the pace of deepening reform and opening-up. As such, Zhang hopes the EU and other international partners will work with China to maintain a global open cooperation environment, maintain a multilateral trading system, and ensure the stability of the global supply chain. 

"We look forward to reaching a high-level and balanced China-EU investment agreement," concluded the ambassador.

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