Europe, China need each other for economic recovery: experts

China and the Europe Union need each other to promote economic recovery after the ongoing spread of the COVID-19 pandemic is contained, Chinese industry analysts said on Wednesday.

The comment followed Germany's competition authority, the Bundeskartellamt, granting approval for the acquisition of German Vossloh Locomotives by Chinese company China Railway Rolling Stock Corporation (CRRC) on Monday.

The merger had been halted by the German Ministry of Economy for the fear of Chinese enterprises acquiring German technologies, according to local media reports.

There exist “mutual needs” between China and Europe to get rid of the coronavirus assault and revive their economies. Chinese people are always friendly to European countries and China does not pose a threat to Europe, said Bai Ming, deputy director of the Ministry of Commerce's International Market Research Institute.

“Fair competition between their enterprises should be encouraged. The benefits of cooperation between EU and China far outweigh their differences.

Europe should not blindly follow in the steps of the US government's power play,” Bai told the Global Times.

“China is the first country to reopen its economy after the coronavirus epidemic ebbs in China. European companies are now betting their hopes on the huge Chinese market. There is a lot of room to expand market demand in the future.”

The pandemic provides opportunities for the development of bilateral economic relations in areas like vaccine research and development.

On Monday, an Atonov-225, the world's largest capacity cargo plane, left from China to Leipzig Airport in Germany, loaded with 10 million face masks purchased by the German government from China.