The head of France's L'Oreal affirmed that China is the group's strategic growth driver. (Source: L'Oréal China)

Data from the EU's statistics agency Eurostat shows that imports from China nearly doubled between 2018 and 2022.

According to an analysis by the Organisation for Economic Co-operation and Development (OECD), China will remain the EU's leading supplier of goods in the first half of 2023. Imports of products such as phones, computers and machinery to the "old continent" all increased significantly.

With Europe and China on the same page on tackling climate change, electric vehicles from the Northeast Asian country have been rapidly expanding their presence in the European market. Three of the best-selling electric cars in Europe in 2022 were from China.

Official statistics show that trade between China and the EU reached $847.3 billion in 2022, up 2.4% year-on-year. The two sides are major trading partners, with rapid growth in trade in lithium batteries, electric vehicles, photovoltaic modules and other green products.

Ola Kaellenius, Chairman of the Board of Management of Mercedes-Benz, said in an interview with German newspaper Automobilwoche that China, the world's largest auto market, will be a key market in the company's marketing activities starting from 2025.

Mr. Jean-Paul Agon, Chairman of the French group L'Oreal, in an interview with Xinhua , emphasized that China has an open market, an improved business environment and initiatives to stimulate domestic demand. Therefore, the country brings new opportunities to the world and vice versa.

The L'Oreal Group Chairman also noted that China is a strategic growth driver for L'Oreal, as the world's second-largest economy is not only a large market, but also a laboratory for innovation, creativity and a testing ground for new marketing methods.

Following the disruption of global supply chains due to the pandemic and the US-China trade war, there have been calls for Europe to “decouple” or “de-risk” its economic ties with China.

Regarding this issue, Ms. Belen Garijo, CEO of German science and technology group Merck, commented that cutting off trade relations with China would come with significant economic costs. She hopes that tensions between Beijing and some Western countries can be eased through dialogue.

Stefan Hartung, chairman of the board of directors of German technology group Robert Bosch GmbH, said in an interview with the Financial Times that Europe cannot reduce risks by isolating itself. Instead, countries on the continent should invest more in improving their competitiveness.