EU seeks more 'balanced' economic relationship with China

Chinese President Xi Jinping, left, stands as Premier Li Keqiang arrives for a plenary session of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, Friday, March 8, 2019. (AP Photo/Mark Schiefelbein)

BRUSSELS — European Union leaders worried about China's growing power are devising plans to counter the ambitions of a country they describe as a "systemic rival."

The European Council will discuss on Friday a 10-point strategy set out by the European Commission before an EU-China summit next month.

The EU wants to "fully address the distortive effects of foreign state ownership" and "achieve a more balanced and reciprocal economic relationship."

China is the EU's second-biggest trading partner behind the U.S. while China is the EU's second largest partner. The trade in goods between the two is worth around 1.1 billion a day, but the balance is largely in China's favor.

Chinese President Xi Jinping is currently in Italy and will travel to France next week as part of a European tour.

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