'We need the Chinese': Macron calls for economic reset with Beijing ahead of Xi Jinping's visit to France

Ahead of Chinese President Xi Jinping’s visit to France, the country’s President Emmanuel Macron called for a reset of the economic ties with China. In an interview with French news outlet La Tribune Dimanche, Macron said that Europe wants more reciprocity in its economic ties with China.

The French leader emphasised that a reset is needed in order to ensure economic security. “I’m calling for an ‘aggiornamento’ because China is now in excess capacity in many areas and exports massively to Europe,” Macron said in the interview, using an Italian word that means “update”.

The proclamation from the French leader came as Xi is expected to land in France for a state visit. This will be the Chinese leader’s first stop in his five-day tour across Europe. After hosting Xi at a dinner at the Elysee Palace in Paris, Macron is expected to take the Chinese leader to a part of the Pyrenees mountains where he spent time at his grandmother’s house as a child.

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This was in reciprocation of Xi’s invitation to Marcon last year, to share tea at the residence of the Guangdong governor, a post once held by his father.

During the interview, Macron emphasised that Europe can play a balancing role that will allow China to remain included in the global economic arena. “Let’s be clear, I’m not proposing to distance ourselves from China,” he said in the interview. “Whether it’s about climate or about safety, we need the Chinese," the French President furthered.

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The Chinese president is scheduled to visit France to celebrate the 60 years of diplomatic ties between the two nations. Meanwhile, Hungary has confirmed that the Chinese leader will be visiting the country from May 8-10 after a stopover in Serbia.

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One of the main reasons Xi is planning to visit these countries is the fact that in recent years ties between the European Union and China have deteriorated to a great extent. A major factor behind this strain is the unprecedented trade imbalances and growing discontent in the bloc about the lack of access to China’s market.

Last week, the EU Commission launched an investigation into alleged preferences given to Chinese companies in the procurement of medical devices. In addition to this, Chinese-made electric vehicles are also under the radar of scrutiny amid concerns that the support is translating into Chinese companies gaining a price advantage in the EU market.

European nations like Italy have also distanced themselves from the Belt and Road Initiative and China’s growing ties with Russia have displeased several nations amid the ongoing Russia-Ukraine war. In light of this, Beijing is currently hoping that none of these investigations will lead to economic decoupling since it is already navigating through the trade restriction imposed by the United States.