In a dialogue held via video link on late Tuesday, China's Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic engaged in comprehensive discussions on economic and trade issues.

The talks were important in light of the fact that China and the European Union are each other's second-largest trading partners and their cooperation has encountered some challenges, such as the EU's "anti-subsidy" probe into Chinese-made electric vehicles.

As Wang emphasized, China is committed to fostering a robust and stable economic relationship with the EU. He reiterated China's readiness to implement the consensus on economic and trade issues reached by Chinese and EU leaders, which is the foundation for the health and stability of China-EU economic relations. A commitment that is particularly significant in the context of China's recent refinement of its rare earth export controls.

China's approach to maintaining the security and stability of global supply chains is consistent and transparent. Its latest moves are normal practice and intended to improve the country's export control system in accordance with relevant laws and regulations. Demonstrating its dedication to open and fair trade practices, it has facilitated approvals of rare earth exports for EU companies.

Beijing has steadfastly opposed the abuse of "national security" definitions that could hinder constructive trade relations and urged collaborative solutions to maintain global supply chain stability. In this light, Wang's call for the EU to adhere to market principles and the spirit of contract is timely and justified given the Dutch government's commandeering of the Chinese company Nexperia.

It is good to see that the two sides agreed to convene an "upgraded" China-EU export control dialogue mechanism meeting in Brussels as soon as possible to strengthen communication on each other's concerns. The meeting is expected to provide transparency in their respective regulatory practices and contribute to the establishment of a regular communication platform in key areas. This would provide stable expectations for businesses, reflecting a shift in China-EU cooperation from "crisis response" to "mechanism governance", as some observers say.

After the video call, Sefcovic described the talks as "constructive", saying the two sides had "agreed to intensify contacts at all levels".

As the world's largest trading nation in goods, China's commitment to ensuring a stable and unimpeded supply chain with Europe is beyond doubt. The EU should be aware that cooperation is not a risk and common interests not a threat, because the essence of China-EU economic and trade relations is cooperation and mutual benefit. The two sides should work together to properly resolve their differences, and the EU should withstand the pressure from external parties for it to "decouple" from China, which does not serve the EU's interests.

It is notable that the recent flare-up in trade tensions between China and Europe stems from the Dutch government acting at the United States' behest in its plunder of Chinese overseas high-tech assets by abusing "national security" concerns. The impacts of the Nexperia takeover on industry and supply chains make it imperative that China and the EU find a solution as soon as possible.

China and the EU share broad common interests and have no fundamental conflicts of interest. Regardless of how international circumstances change, cooperation should and must be the main theme of bilateral economic ties, and dialogue the rational means to settle their differences.

Despite the frictions that have emerged, there is no denying that China and the EU have achieved fruitful results in their trade and cooperation that have benefited both themselves and the world. That Airbus opened a second assembly line in Tianjin on Wednesday, increasing the manufacturing capacity for its best-selling A320neo family of single-aisle jets, highlights the new opportunities that are emerging for European companies as China pursues high-quality development and high-standard opening-up. All this should point to the bright prospects for China-EU cooperation.

The exchanges between Wang and Sefcovic show the importance of the China-EU strategic partnership and the need for the two sides to strengthen their collaboration to address the economic challenges that have emerged from the US' hostile trade practices.