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China and EU reaffirm commitment to cooperation amid global uncertainty

The 25th China-EU Summit took place in Beijing this week as the two sides marked the 50th anniversary of diplomatic relations. Leaders pledged to deepen cooperation in trade, investment, and the broader economy, highlighting shared interests amid rising global uncertainties. Adding to the week’s key news, China announced that the Hainan Free Trade Port will officially launch island-wide independent customs operations on December 18 – a significant milestone in the country's pursuit in high-level opening-up. Meanwhile, the economic outlook across developing Asia has dimmed. Fresh reports from the Asian Development Bank and the International Monetary Fund have growth forecasts lowered for developing Asia, citing falling exports amid heightened US tariffs and continued global trade uncertainty.