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Investing.com -- European Commission President Ursula von der Leyen warned on Thursday that the EU might need to reduce its openness to Chinese imports unless Beijing addresses trade imbalances and reciprocity issues.
"Unlike other major markets, Europe keeps its market open to Chinese goods. This reflects our long-standing commitment to rules-based trade. However, this openness is not matched by China," von der Leyen told reporters after meeting with Chinese leaders in Beijing.
The Commission President highlighted several concerns that need addressing, including overcapacity, subsidized production exceeding domestic demand, and restrictions on Chinese imports by other markets that create pressure on the EU’s single market.
Von der Leyen indicated that Chinese leaders have begun examining these issues and expressed willingness to support increased domestic consumption.
"We need to see progress on this issue because without progress, it would be very difficult for the European Union to maintain its current level of openness," she stated.
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