The three-day visit, which started on Tuesday, comes days after the EU agreed to overhaul its customs system, targeting largely Chinese e-commerce platforms with stricter safety checks and potential fines for selling illegal or non-compliant goods.

A nine-member delegation led by Anna Cavazzini, chair of the European Parliament’s Internal Market and Consumer Protection committee, met officials from China’s market regulator and members of the National People’s Congress in Beijing, according to statements from the parliamentary body.

During discussions with China’s State Administration for Market Regulation, EU lawmakers highlighted concerns over what they described as a high influx of dangerous and non-compliant products entering the European market from China.

The talks also covered the liability of online marketplaces and the need to ensure fair competition.The delegation raised broader issues including forced labour, protection of minors online and longstanding concerns about access for European companies to the Chinese market, the parliamentary committee said.

Beijing welcomed the visit as an opportunity to stabilise relations following its decision last year to lift sanctions on several EU lawmakers, a move seen as an attempt to ease trade tensions at a time of growing friction with the United States.

China had imposed sanctions in 2021 on 10 EU individuals and four entities in response to European measures targeting Chinese officials over alleged human rights abuses in Xinjiang.

The EU is grappling with a surge in low-value e-commerce imports, with 5.8 billion parcels entering the bloc in 2025, more than 90% of which are estimated to originate from China.

Under current rules, parcels valued below 150 euros are exempt from customs duties, a threshold that has supported the rapid expansion of platforms such as Shein, Temu and AliExpress.

EU lawmakers are expected to meet representatives from major Chinese e-commerce firms during the visit, including Shein, Alibaba and Temu.

The meeting with Shein follows a February investigation into the sale of child-like sex dolls on its platform, adding to regulatory scrutiny of online marketplaces operating across borders.

Speaking at the annual China Development Forum in Beijing, Li said China would expand imports of high-quality foreign goods and work with trading partners to promote more balanced global trade, according to state media.

Li’s remarks come as China faces mounting concerns from major economies, particularly the United States and the European Union, over its trade practices, industrial overcapacity and reliance on Chinese exports.

While he did not directly reference the record surplus, his comments indicated an effort to address imbalances that have strained international economic relations.The forum, which brings together foreign business leaders, policymakers and economists, is a key platform for Beijing to outline its economic priorities and signal openness to global investors.

In a separate address, central bank governor Pan Gongsheng said assessments of global imbalances should account for both goods and services trade, as well as financial flows. He noted that while China runs the world’s largest goods surplus, it also posts the largest services deficit.

Pan added that China does not intend to gain a competitive trade advantage through currency depreciation, responding to longstanding concerns from trading partners over exchange rate policies.

Beijing is also attempting to reverse a decline in foreign direct investment, which fell 5.7% year-on-year to just over 92 billion yuan ($13.36 billion) in January, following a 9.5% drop in 2025.

In December, authorities expanded incentives for foreign investors by adding 200 sectors eligible for benefits such as tax breaks and preferential land use, focusing on areas including advanced manufacturing and modern services.

Efforts to stabilise trade ties come as geopolitical tensions persist. U.S. President Donald Trump recently postponed a planned visit to Beijing to meet President Xi Jinping due to the Iran conflict, delaying talks aimed at easing economic tensions between the two countries.

Recent attacks on oil and gas infrastructure have already driven up prices, raising concerns about inflation, trade disruptions and broader economic slowdown across both advanced and emerging markets.

Across Europe, memories of the economic fallout from the Russia-Ukraine war are shaping concerns about a fresh energy shock.

Germany, with its industry-heavy economy, is particularly exposed to higher energy costs. Although manufacturing activity has shown signs of stabilisation after a prolonged downturn, rising input costs and weaker global demand could weigh on exports. While Berlin has introduced stimulus measures, fiscal constraints may limit further support.

Italy faces similar vulnerabilities, given its large manufacturing base and relatively high dependence on oil and gas in its energy mix.In United Kingdom, electricity prices are closely tied to gas costs, which have risen sharply since the conflict began.

While a price cap may soften the immediate impact on households, economists warn it could lead to prolonged high borrowing costs and strain public finances.

Japan remains highly vulnerable due to its reliance on imported energy, sourcing around 95% of its oil from the Middle East. Nearly 90% of these supplies pass through the Strait of Hormuz, making supply disruptions a critical risk.

The impact is compounded by a weak yen, which increases the cost of imports and adds to inflationary pressures affecting food and household goods.

In the Gulf, the conflict is expected to have a direct economic impact. While higher oil prices would typically boost revenues, disruptions to shipping routes could offset gains if exports are constrained.

Countries such as Kuwait, Qatar and Bahrain rely heavily on the uninterrupted flow of hydrocarbons through the Strait of Hormuz.

Any sustained blockage could hinder their ability to access global markets.The conflict could also affect remittance flows from expatriate workers, a key source of income for many households in the region.

Among large emerging economies, India is particularly exposed. It imports about 90% of its crude oil and nearly half of its liquefied petroleum gas, with a significant share transported via the Strait of Hormuz.

Higher energy prices could widen India’s trade deficit, fuel inflation and complicate monetary policy, especially if global financial conditions tighten in response to the crisis.

As energy markets remain volatile, the extent of the economic impact will depend on the duration of the conflict and the degree of disruption to global supply chains.

The world’s largest oil importer boosted production through a combination of intensified drilling at ageing fields, offshore expansion and early-stage shale development, but experts say further gains will be constrained by rising costs and geological limits.

China’s output reached about 4.32 million barrels per day last year, and government targets outlined in its latest five-year plan call for maintaining production near 4 million bpd through 2030.

Industry observers view this level as a strategic baseline to support manufacturing and energy security.

Despite these efforts, China remains heavily dependent on imports, which stood at 11.55 million bpd last year, underscoring the structural gap between domestic supply and demand.

Zhu Weilin said national oil companies are working to sustain output at current levels to guard against supply disruptions, particularly as global markets face volatility.

Much of China’s production resilience comes from mature oilfields such as Daqing oil field, a cornerstone of the country’s energy sector for decades. The field continues to produce roughly 600,000 bpd, supported by advanced recovery techniques.

Engineers have deployed “tertiary recovery” methods, including chemical injection, to extract remaining reserves from ageing wells.

These techniques can increase output by about 20% compared to traditional water-injection methods.The scale of such operations has made China a global leader in enhanced oil recovery, with expertise exported to projects in countries including Iraq and Saudi Arabia.

While shale oil output is expected to grow and potentially double by 2035, analysts say it remains commercially challenging due to higher extraction costs and technical complexity.

Offshore production, another key driver of recent growth, is also showing signs of slowing expansion, further limiting upside potential.

The production plateau comes as China navigates shifting energy dynamics, including slowing economic growth and a transition toward electrification in transport, which is expected to temper demand growth over time.

At the same time, disruptions linked to conflict in the Middle East a region supplying roughly half of China’s crude imports have reinforced the importance of maintaining stable domestic output.