China is looking to the European Union as its new best friend amid trade frictions with the United States.
Prime Minister Li Keqiang met eastern and central European leaders in Sofia, Bulgaria, on Saturday, and vowed to open up China’s economy to the wider world. Keqiang is also meeting German Chancellor Angela Merkel on Monday and next week, in Beijing, he will host an EU-China summit.
Keqiang’s comments followed another round of U.S. tariffs against China, instigated on Friday and worth $34 billion. Beijing retaliated with the same amount. Also last week, President Donald Trumpthreatened to impose an additional $500 billion in tariffs on Chinese goods. Trump believes that increasing tariffs on imported goods will help reducing the U.S. trade deficit.
China has been pouring billions of euros into roads, railways, ports and other infrastructure projects in eastern and central European countries