China ready to cooperate with EU on global economic imbalances

China is prepared to deepen dialogue and macro-policy coordination with the European Union to address global economic imbalances.

As reported, Chinese Finance Minister Lan Foan made the remarks during a meeting in Bangkok with key European officials, including EU Economy and Productivity Commissioner Valdis Dombrovskis, European Central Bank President Christine Lagarde, and Eurogroup President Kyriakos Pierrakakis.

Lan emphasized that global economic imbalances are complex structural issues influenced heavily by geopolitics and protectionism, urging all parties to take an objective, comprehensive view that looks beyond just exchange rates to encompass financial flows.

According to a statement from his ministry, Lan said, "Global imbalance was a complex economic structural issue" that was increasingly influenced by non-economic factors such as geopolitics and protectionism."

"All parties should view imbalances comprehensively, objectively," Lan added, urging open cooperation and coordination of macroeconomic policies," he added.

Friday's meeting comes a week after a deal struck by China and the European Union to limit Chinese exports of hybrid cars to the bloc.

The EU seeks to shrink its trade deficit with China that ballooned to €360 billion ($400 billion) in 2025.

The outreach follows recent trade diplomacy, including an agreement between China and the EU to cap Chinese hybrid car exports as the bloc works to navigate a massive trade deficit.