Over the past six decades, the economic and trade cooperation between China and France has not only contributed to the development of both countries' economies but also injected momentum into the global economic recovery.
As they celebrate the 60th anniversary of China-France diplomatic ties this year, both countries seek to deepen their economic ties.
Kevin P. Gallagher, professor of global development policy and director of the Boston University Global Development Policy Center, told CGTN that France and China can lead the way in helping recreate globalization again since there's been a little bit of a retreat due to other tensions.
\"The global economy needs integration,\" said Gallagher, adding that France and China have a lot of trust in each other because they have a long history of diplomatic ties.
China and France are highly complementary economically, which creates vast opportunities for trade and investment. China has a competitive advantage in manufacturing electronic products and machinery, while France excels in aerospace, nuclear energy, high-end consumer goods, agricultural products and wines. 🚀🍷
France has become China's third-largest trading partner in the European Union, with a total bilateral trade volume of $78.9 billion in 2023. It is also China's third-largest source of actual investment. Meanwhile, China is France's largest trading partner in Asia and the seventh-largest globally.
