The French finance minister, Bruno Le Maire, has revealed that during his visit to China, he urged Chinese leaders to open their markets wider to foreign companies and encouraged investment in France’s electric car industry. This move comes as France and other countries seek to revive economic talks with China and address the tensions arising from China’s surging trade surpluses.
Le Maire also defended Paris’s controls on foreign access to technology, particularly in light of an investigation into two Chinese citizens suspected of smuggling French-made processor chips with military uses to China and Russia.
During his visit, Le Maire met with Vice Premier He Lifeng, Beijing’s top envoy on economic issues. His visit follows that of Treasury Secretary Janet Yellen, who also visited Beijing as part of US efforts to improve relations with China.
While Chinese officials gave a warm welcome to Le Maire and Yellen, there has been no indication of potential changes to China’s policies that have been criticized by trading partners for violating market-opening commitments. The European Union is particularly focused on narrowing its trade deficit with China, which reached 396 billion euros ($432 billion) last year. Le Maire highlighted cosmetics, aerospace, and agriculture as potential sectors for increased French exports.
Le Maire emphasized the need for improved access to the Chinese market, stating that “we want to have a stronger economic relationship between Europe and China, between France and China, which means to get access for all European goods.”
In addition to discussing market access, Le Maire and Chinese officials pledged cooperation on climate change, financing for developing countries, and nuclear power. Le Maire also advocated for Chinese investment in France’s electric vehicle industry, citing the importance of reinforcing economic relations and taking action against global warming.
While the talks were overshadowed by concerns over Russia’s conflict with Ukraine and China’s potential involvement, Le Maire did not discuss the war with Chinese officials. However, he did express that it was in China’s interest to end the conflict as soon as possible.
Finally, Le Maire defended French controls on technology exports and foreign investment in the high-tech industry. French authorities are currently investigating two Chinese citizens for possible charges of exporting chips to a Chinese armaments maker using forged documents. The Chinese government has complained about unfair restrictions on access to foreign technology, particularly semiconductors.
Overall, Le Maire’s visit to China highlights the desire for stronger economic ties between France and China, increased market access, and collaboration on key issues such as climate change and global economic growth.
