Xi Jinping and EU leaders promote multilateralism amid Silk Road wariness

Jill Petzinger
·Germany Correspondent, Yahoo Finance UK
European leaders welcomed Chinese president Xi Jinping to the Elysee Palace in Paris, France. Photo: Reuters/Philippe Wojazer
European leaders welcomed Chinese president Xi Jinping to the Elysee Palace in Paris, France. Photo: Reuters/Philippe Wojazer

Multilateralism, rivalry, and China’s huge Silk Road infrastructure project were the key themes at a meeting between Chinese and European leaders in Paris on Tuesday.

Chinese president Xi Jinping, French president Emmanuel Macron, German chancellor Angela Merkel, and EU Commission president Jean-Claude Juncker acknowledged that the competition and rivalry between China and the EU could be healthy, but emphasised the need for equal access to each other’s markets.

At a press conference following the meeting, Macron said the group had “very fruitful discussions” about climate change, multilateral trade, trust, and how the EU can play a role in China’s ‘One Belt One Road’ infrastructure project in Europe.

“China will certainly continue in its reforms and openness,” Xi said at the press conference. “For 40 years, China has been walking the path which made reform possible — we will continue moving forward, and continue being open.”

China’s ambitious Silk Road sea-and-land infrastructure project is currently stoking concern in Europe, especially in the wake of Italy’s recent announcement that it has signed a deal with Beijing to take part. Italy is the first G7 nation to join the project, which will see Beijing invest €7bn (£6bn, $7.9bn) into Italian ports.

“Regarding the One Belt One Road initiative, it is a major project and as Europeans we want to play a role, but there needs to be reciprocity and it is still a little difficult to find how this reciprocity will function,” Merkel said.

She said multilateralism always starts with good bilateral relations, adding that the European leaders had discussed the ideas of cooperation and rivalry with Xi.

Juncker stressed during Tuesday’s press conference that “European companies must find the same access to Chinese markets, as Chinese companies have access to Europe.” He added that it was important that the Silk Road initiative should benefit European citizens too.

Günther Öttinger, European commissioner for budget and human resources, has urged the EU to veto Italy’s deal with Beijing. He said the body should take into account EU and national interests and have the ability to veto Chinese-backed infrastructure projects in Europe in the future.