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The financial crisis and EU-China trade interdependency (Chen Xin)

The financial crisis and EU-China trade interdependency (Chen Xin)

Author:Chen Xin From: Update:2019-08-23 13:48:40

Wen Jiabao the Prime Minister of People's Republic of China and European Commission President Jose Manuel Barroso at the start of an EU China High level cultural forum at the EU Commission headquarters in Brussels, Belgium, 6 Ocotber 2010, ahead of a European-China summit.| EPA/OLIVIER HOSLET

Bilateral trade volume between China and the European union, reached 567 billion in 2011, the highest record of China-EU trade, in the context of the ongoing European Sovereign Debt Crisis. China's export to the EU in 2011 was 356bn, with 14% growth, and import from EU is 211 billion USD, increased 25%. The faster expanding of import from EU also means a China's support to European economy to overcome the crisis.

The decline of the EU share in China's trade

Although China-EU trade reached its highest level in 2011, we can still see a slight decline of the EU's weight in China's trade since the financial crisis. The bilateral trade volume in 2009 took the highest share of China's external trade in recent 20 years, with