China and France signed contracts totalling €13.5bn ($15bn) on Wednesday, mainly in the agriculture, aeronautics, and energy sectors.
The deal comes amid an ongoing Sino-American trade war, with significant collateral damage for EU exports. For the US economy, the Sino-American trade war has had a significant impact on agricultural exports, which has allowed other countries to fill the gap. India and Latin America are now selling more soybeans, while Canadian prime minister Justin Trudeau announced on Tuesday that China would resume the import of Canadian pork and beef.
French President Emmanuel Macron arrived in China on Monday for a three-day visit, announcing an EU-China deal to protect origin denominations for European agricultural products like wine and cheese. This was followed by major deals for EU exports, at a point in time when US tariffs are targetting precisely these products.
On Tuesday, Macron presided at the ribbon-cutting for a branch of the Paris-based Pompidou modern art museum in Shanghai.
During their common press conference between Chinese President Xi Jinping and Macron on Wednesday, the leaders affirmed their commitment to multilateralism and their support for the Paris Agreement on climate change. Macron called the 2015 Agreement “irreversible,” two days after the US formally withdrew from the Paris accord.
At this years’ G20 Summit in Osaka, Washington stood aside while China and France pledged to “update” their commitment and ambition in the fight against climate change.