Ecological cooperation key to EU-China ties in post-pandemic world

As the effects of the COVID-19 pandemic are felt all over the globe, the world economy is facing unprecedented challenges comparable to the Wall Street crash of 1929. While the International Monetary Fund predicts the eurozone GDP to contract by 10.2 percent in 2020 and bounce back with 6 percent growth in 2021, the disruption of supply chains have exposed the European Union's vulnerability and dependency on resources coming from outside the bloc.

In China, the pandemic caused an invariable extension to the Chinese Lunar New Year holiday, which had a profound impact on the country's economy. The aviation and tourism sectors were shut down completely, and cultural activities cancelled for weeks, while sectors such as energy, oil and gas, as well as automotive industries were severely hit.

With food and beverage, retail, real estate, and travel industries being hit hardest, the numbers people in these sectors who have either been furloughed or lost their jobs are becoming clearer.