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.

The European Union and China celebrated 50 years of bilateral diplomatic relations at a high-profile summit in Beijing on Thursday. But many contentious issues dampened the festive mood. European Commission President Ursula von der Leyen and European Council President António Costa arrived in the Chinese capital early on Thursday,

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.

European businesses expressed enthusiasm to further tap into potential cooperation in greenfield cooperation with their Chinese partners, following the release of a joint statement on climate change by Chinese and EU leaders that injects new impetus into collaboration in the booming green sector.

Chinese President Xi Jinping criticised Brussels's recent trade actions against Beijing at a tense summit dominated by concerns on trade and the Ukraine war.

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.

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.

China is a "critical partner" to Europe with a range of shared interests, state news agency Xinhua said in a commentary piece, downplaying Beijing's rivalry with the European Union bloc hours before a key summit between leaders of both sides on Thursday.

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.

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.

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.