Chinese leader Xi Jinping urged the European Union to make “the right strategic choice” and enhance cooperation with China, while EU leaders called for a rebalancing of trade ties, as the two sides tackle deep-seated grievances at a tense summit in Beijing.

Half a century after the establishment of relations between China and the EU, and against a backdrop of deteriorating transatlantic relations, the European Union and China held their 25th summit in Beijing.

A joint statement promised new efforts to cut emissions at a time when China is positioning itself as the world’s one-stop shop for clean energy technologies.

That's the approximate size of the European Union's trade deficit with Beijing, which has doubled over the past decade and become a larger issue for the bloc's officials. "We need to see progress on this issue,

Ursula von der Leyen and António Costa, the heads of the European Commission and the European Council respectively, will be in Beijing for a summit to mark the 50th anniversary of diplomatic relations between China and the European Union.

Beijing is betting that economic pressure and diplomatic defiance will force concessions, but its stance could put more strain on its ties with Europe at a crucial time.

Deckers Outdoor topped estimates for first-quarter results on Thursday, fueled by robust demand in international markets such as Europe and China for its Hoka and UGG brands, sending shares of the footwear maker up about 9% in extended trading.

Russia’s gas output declined in the first half of the year as higher exports to China and increased domestic demand failed to make up for lost flows to Europe via Ukraine.