The US trade deficit with China was one of the causes of the financial crisis, but Europe is not doing much better as well. 

Europe mainly exports machines and transport equipment (more than 60% of EU exports in 2010), chemicals and raw materials. Imports from China are mostly consumer goods including office and telecommunication devices and clothing, the EU trade deficit with China reaching hundreds of billions of euros each year.

Do we benefit from the economic relationship with China?

How can we make the EU - China trade more profitable to us?