In euro zone, weak domestic demand has lead to the import of more Chinese goods while the euro's steady devaluation has had a positive impact on European exports to China.

A steady devaluation of the euro has followed the Greek crisis earlier this year. Looking back, the euro was launched at $1.17 and fell to $0.82 in late 2000. It went as high as $1.60 in July 2008. Recently it's hovering around $1.22, which represents a nominal depreciation of roughly 24 percent relative to its peak. Given that euro zone countries run an account deficit, offset almost entirely by the German surplus, there's a good case for saying depreciation is desirable, as it boosts euro zone exports.

In principle, the euro's devaluation has made EU exports more competitive in China, and this has changed to some degree the trade balance between China and EU. According to customs statistics, in the first quarter of 2010, China-EU trade value reached $101.47 billion, up 35 percent from last year, and accounted for 16.4 percent of China's total foreign trade value. Among them, China's exports to the EU reached $65.37 billion, accounting for 20.7 percent of China's total export value. China's imports from the EU rose by 43 percent to $36.09, and accounted for 12 percent of China's total import value – much higher than the 31-percent growth of China's exports to the EU.

It seems the European debt crisis provides an opportunity for China's investors to enter the European Market, especially Southern European countries.

Although China is in the late start of direct investment in the EU, the total amount of investment has showed momentum. By the end of 2009, China's accumulated investment in the EU amounted to $3.67 billion, with increased investment in Britain and France.

Currently, some Chinese enterprises have seized the opportunity to invest in Greece. For example, shipping giant China Ocean Shipping Company (COSCO) recently signed an agreement with the Greek Piraeus port authority on operating the container terminals. Under the agreement, piers II and III will be under COSCO management for 35 years. COSCO plans to invest 550 million euros (about $687 million) to upgrade the facilities of the two piers.

Meanwhile, in order to protect its national economy, new round of protectionism will arise in Europe.

Some evidence shows EU member states have taken stricter regulations on anti-dumping and import control. Europe will seek new ways to stimulate the economy immediately. Therefore, the EU expects further high-tech cooperation with China, and has also added pressure toward China to open its financial markets and services. And it's also likely EU member states will act to gain more of China's market share in renewable energy and the environmental protection industry.

The author is the deputy director of Economic Department at Institute of European Studies, Chinese Academy of Social Sciences.