The business sector in Europe is facing tough challenges and as UK is set to leave the EU, France could play a more prominent role in leading the European Union. Growing business interests between France and China could give a new dimension to EU. In addition, France has shown a strong interest in the Belt and Road Initiative with President Macron’s visit to Xi’an and Beijing last year. France is the 6th largest export economy in the world and the 14th most complex economy according to the Economic Complexity Index (ECI).
China-France Bilateral Relationship-
China is France’s 7th largest customer (France has a 1.4% market share in China) and 2nd largest supplier (China has a 9% market share in France). China and France are set to expand collaboration in such fields as agriculture, energy, advanced manufacturing and artificial intelligence, said China’s Ambassador to France Zhai Jun recently. Furthermore, bilateral ties are expected to receive a boost, with Beijing pledging to carry on with an even bolder reform and opening-up policy. While the US and Asia will hold the top-priority for China’s external policy, there is a massive potential for China-France relationship, especially taking account of France’s massive influence in the European Union and Africa.
Imports from China in France-
China is the factory of the world for over 20 years especially in electronics! (38% of world production in 2015 for electronic devices). A top EU official, however, made it clear that Europe is not fully on the same page as China. The EU and China discussed “difficult issues” such as state subsidies, forced tech transfers, and cybersecurity during the talks, the EU Commission’s vice-president, Jyrki Katainen, told a news conference in Beijing.
Top 10 French Imports from China
France is the second largest economy in Europe and imports an essential part of its GDP. Globally, the country holds an important position as the third largest trader in the European Union. Imports from China in France increased to 4495 EUR Million in August from 4346 EUR Million in July of 2019. Imports from China in France averaged 4017.49 EUR Million from 2014 until 2019, reaching an all time high of 4550 EUR Million in April of 2019 and a record low of 3428 EUR Million in April of 2014.
- Electronic equipment
- Clothing (not knit or crochet)
- Knit or crochet clothing
- Furniture, lighting, signs
- Toys, games
- Medical, technical equipment
- Leather, animal gut articles
France has indeed sought to deepen its strategic ties with China. The France-China bilateral is important not only in its own right but also within the context of the broader China-European Union relationship.