China ready to cooperate with EU in tackling global imbalances

China is ‌ready for ​dialogue with the European Union to improve communication on aspects of global ‌economic governance and macro policy coordination, its finance minister told key bloc officials in Bangkok on Friday.

Finance Minister Lan ‌Foan made the remarks in a meeting with Valdis ‌Dombrovskis, the EU economy and productivity commissioner, Christine Lagarde, the president of the European Central Bank and Kyriakos Pierrakakis, the Eurogroup ⁠president. Global ​imbalance was ⁠a "complex economic structural issue" that was increasingly influenced by non-economic factors such ⁠as geopolitics and protectionism, Lan said, according to a statement from ​his ministry.

"All parties should view imbalances comprehensively, objectively," Lan ⁠added, urging open cooperation and coordination of macroeconomic policies, it said. Friday's ⁠meeting ​comes a week after a deal struck by China and the European Union to limit Chinese ⁠exports of hybrid cars to the bloc. The EU seeks ⁠to shrink ⁠its trade deficit with China that ballooned to €360 billion ($400 billion) in 2025.