From high-end wine to the new "Silk Road," France and China have agreed to enhance economic relations. For Beijing, that meant providing French companies better access to Chinese markets.
French President Emmanuel Macron and Chinese President Xi Jinping on Tuesday signed several agreements worth billions of euros, spanning strategic sectors of industry, including trade, art and energy.
The series of agreements aim to "rebalance" the €30 billion ($36 billion) trade deficit France has with Beijing by providing reciprocal access to Chinese markets.
'Restart our cooperation'
Macron endorsed China's massive infrastructure project aimed at establishing strategic land and sea trade routes, saying: "Historically, the Silk Road … was a road to communicate, to exchange; it was a road that bound Asia and Europe together. We should restart our cooperation and exchange."
Xi said the new "Silk Road" project "doesn't belong to just one country," but instead "reflects the Chinese vision of global governance."
But Macron urged China to offer the EU greater access to domestic markets, saying: "If we don't deal with this responsibly, the first, natural reaction will be to close up on both sides."
What else did the agreements cover: France and China also agreed to engage in exchanges on artificial intelligence, sustainable development and green finance.
How long will it take to finish the new 'Silk Road': The project is expected to be completed by 2049. It is estimated to cost between €4 trillion to €8 trillion, with some estimates saying it could cost even more.
What happens next: Since the agreements were "memorandums of understanding," it is expected that France and China will make good on their word. But they are not concrete deals, which means the agreements could change going forward.
ls/rt (AFP, dpa)