WANG XIAOYING/CHINA DAILY
In a series of meetings culminating in June, China and the European Union agreed to create a consultation mechanism aimed at renewing their mutually beneficial economic relations. Consequently, four "workstreams" were established, covering trade and investment balancing, export controls, intellectual property rights and reform of the World Trade Organization.
If successful, these workstreams will pave the way toward stable trade relations between China and the EU, which will have positive effects on the global trading system as a whole. Discussions under these workstreams will continue until October, when further decisions will have to be taken.
It would be a serious mistake if the importance of the emerging opportunity were underestimated. What is needed now is a shift in the mindset: from excessive caution to careful optimism — from the mindset of a "China Shock 2.0" to recognition of "China Opportunity 2.0".
There are reasons that justify cautious optimism. Let us consider three of them — two immediate and one systemic.
