The present situation provides Europe with great opportunities in its economic relations with China. European products have substantial market potential in China, and the Chinese have the funds needed to invest in Europe. But the EU needs to prove that it is capable of developing a trade policy thatresponds to the present situation. As François Godement has correctly argued, the Union should respond to China’s interest-driven economic policy with an interest-driven policy of its own. It should demand access on equal terms for European companies in bidding for large public projects in China; it should attempt to stimulate Chinese investment to where it is needed in Europe; and it should work with the emerging economies (and not just the United States) in developing trade policy with regard to China.