On March 6th,2025， the release and seminar of the "European Economic Situation Report 2023-2024," hosted by the Shanghai European Studies Association and organized by the European Research Institute of the School of Business at East China University of Science and Technology, was successfully held. The "European Economic Situation Report 2023-2024" was officially launched during the event.

Prof.Song Yuanyang, Vice Dean of the School of Business delivered a speech on behalf of the school, warmly welcoming the participating scholars and experts. He extended his heartfelt congratulations on the successful release of the report and expressed his sincere admiration for the hard work of the contributors. He noted that this in-depth study on the European economic situation would undoubtedly further promote academic research on European integration and China-EU relations.

"At a time when the world is undergoing profound changes unseen in a century, with the global political and economic landscape becoming unpredictable, the development of the European economy is not only crucial to the well-being of European countries but also of great significance to the stability and recovery of the global economy. For China, despite the extensive common interests and profound cooperation foundation between China and the EU, the relationship is facing unprecedented severe challenges amid the restructuring of the global order, the prolonged Russia-Ukraine conflict, and the escalation of protectionism and geopolitical risks. Therefore, we hope that through a rational and detailed analysis of the current situation of the European economy and China-EU economic and trade relations, we can better understand the actual needs of both sides, help China and the EU form a united front, replace profit-driven confrontation with healthy competition, actively explore new areas of cooperation and coordination mechanisms in various fields, maintain the stability and healthy development of China-EU relations, and continue to inject vitality into the world economy," said Prof.Ding Chun, President of the Shanghai European Studies Association and a professor at Fudan University, who introduced the significance of compiling the "European Economic Situation Report 2023-2024."

The release session was chaired by Zhang Yinghong, Director and Researcher of the European Research Center at the Shanghai Institute for International Studies.

Several scholars from the Shanghai European Studies Association provided in-depth analyses of the latest developments in the European economy and China-EU economic and trade relations from various perspectives. Xu Mingqi, Honorary President of the Shanghai European Studies Association and a researcher at the Shanghai Academy of Social Sciences, analyzed the future interaction and coordination between the EU's new fiscal rules and the European Central Bank's monetary policy. He argued that the EU's new fiscal rules are essentially a compromise based on the reality that the strict fiscal discipline of the EU could not be implemented by its member states. The European Central Bank, with its monetary policy and multiple modern central bank functions, has to some extent replaced the EU's fiscal integration mechanism. In the future, the European Central Bank, as the most important integration vehicle of the EU, will play an even more significant role.Prof.Ding Chun provided a comprehensive review and summary of the European economic situation and its main characteristics in 2023. He analyzed the reasons for the continued economic stagnation in Europe, pointing out that the European economy has shown cyclical characteristics of recession, stagnation, and slow recovery, as well as a certain degree of divergence. This is related to structural causes such as the EU's energy dependence on Russia and trade links, as well as temporary factors such as the lingering effects of the COVID-19 pandemic and the uniqueness of the Russia-Ukraine conflict. He also offered suggestions for long-term innovative growth, green empowerment, and short-term measures to curb inflation and find alternative solutions to ensure energy supply.Prof.Yang Fengmin, the School of Business at East China University of Science and Technology and director of the European Research Institute, analyzed the current difficulties and opportunities in China-EU economic and trade relations from the perspectives of EU trade protectionism, the suspension of the China-EU Investment Agreement, and cooperation in new energy and digital economy fields. He pointed out the challenges brought by the EU's foreign subsidy regulations, carbon border adjustment mechanism, and the EU's "Global Gateway" plan, and proposed strategies to expand cooperation in emerging fields, enhance market potential and consumption upgrades, and strengthen regional economic cooperation.

Jiang Yunfei, Assistant Researcher at the Institute of World Economics of the Shanghai Academy of Social Sciences, analyzed the difficulties faced by the UK economy in terms of price and interest rate levels, fiscal burdens, and foreign trade situation. He believes that the economic outlook for the UK has slightly improved overall and commented on the new government's fiscal reforms, industrial policies, investment strategies, and relations with the EU. Wang Yuzhu, a researcher at the Shanghai Institute for International Studies, analyzed Italy's significant achievements in controlling fiscal deficits and inflation, as well as its industrial transformation challenges. Although the Italian economy shows a slight recovery trend, long-term structural problems that have plagued its growth remain, with traditional industrial transformation lagging and new industries struggling to develop. The economic system's transformational pain period is still ongoing. Dr. Dai Chengjuan from the EU Research Center of Shanghai International Studies University analyzed the multiple challenges facing the Nordic region's labor market, consumption, and investment from the perspectives of global high inflation, weak growth, energy price fluctuations, and rising interest rates. She believes that green transformation, technological innovation, digital progress, and exports will be the key drivers of future economic growth in the Nordic region. However, population aging, labor market challenges, and global economic uncertainty may exert pressure on the Nordic high-welfare social security system and fiscal policies.

Prof.Qiu Qiang,the School of International Economics and Trade at Shanghai University of Finance and Economics, summarized and analyzed the production, consumption, and import-export situation of fossil fuels such as coal, oil, and natural gas in EU countries from 2022 to 2023, as well as the development and use of green energy. He pointed out the issues of increased energy dependence on the US, significant resistance to green energy transition, and the lack of coordination among EU countries. He also provided insights for China in building a diversified energy supply pattern, persisting with the "dual carbon" strategy, and improving energy system construction. Yang Zhenzhen, an economist at the Shanghai Foreign Investment Promotion Center, analyzed the current status, trends, and main characteristics of EU investment in China and Shanghai, as well as the latest policies for attracting foreign investment in China. She proposed suggestions for focusing on high-value field investment, exploring emerging market investment, and paying attention to diversified investment methods, with investment promotion carried out around four aspects: industry, method, function, and field.

Associate Prof.Sun Dingdong from the School of Business at East China University of Science and Technology analyzed the impact of the Russia-Ukraine conflict on China-EU trade relations from both the micro perspective of product segmentation and the macro perspective of geopolitics. He pointed out that the conflict has had a significant negative impact on China-EU trade, whether in terms of overall scale, import-export scale, or when examined by member state or product category. This is especially true for EU imports from China and for machinery and transport equipment, chemicals, and manufactured goods. It is also one of the important reasons for the significant differences of opinion among EU member states in China-EU trade conflicts and for China's strengthening of the "dual circulation" strategy.

The final discussion session was chaired by Researcher Yu Jianhua from the Institute of International Studies at the Shanghai Academy of Social Sciences.

Prof. Zhang Yong'an, Director of the Academic Committee of the School of International Economics and Trade at Shanghai University of Finance and Economics, believes that the EU's position in China's economic and trade relations has declined somewhat. However, attention to the development of EU integration and the promotion of China-EU trade relations remain the cornerstone of European studies. In particular, more detailed research on a product-by-product and sector-by-sector basis is crucial for further promoting future China-EU investment and trade cooperation and for developing a more robust China-EU economic and trade relationship. Researcher Xin Hua, Director of the EU Research Center at Shanghai International Studies University, also shared his views on the EU's green, digital, and intelligent transformation, arguing that the transition has not achieved the expected ideal results.

In addition, the participating scholars and experts also discussed and exchanged views on the EU's new business models, implementation of new industrial policies, EU defense budget, and the impact of a potential second term for Trump.