This research paper analyzes the effects of economic cooperation between the European Union and China on the growth and development of European industry, foreign trade and EU's better position on the global market. The purpose of the research is to identify the effects of developing and strengthening EU-China trade relations on various aspects of their industries and trade, while the aim of the research is to identify the specific trade and industrial policies of the EU and China, to outline the key stages in the development of their cooperation and to identify their development prospects. The European Economic Community (EEC), the predecessor of the European Union, and China established diplomatic relations in 1975 and today they are important actors in the multipolar world, sharing the responsibility to promote peace, prosperity and sustainable development for the benefit of all. Growth in Chinese consumption, especially in services, has the potential to create new markets for European businesses, while the increase in Chinese investment in the EU, also provides Chinese companies with a platform to improve their global competitiveness. However, many European companies see Chinese businesses as sources of unfair competition, both in the European Union and Chinese markets. Chinese companies, on the other hand, are concerned that the European Union may impose political measures against them, such as anti-dumping and direct customs duties, which China considers unfair. Also, China is currently in the midst of a complex economic transition. The ongoing structual changes in Chinese economy and slower growth rates are creating new challenges for both European and Chinese companies. This turbulent relations, which appeared between EU and China, is where the problem of the research arises. Significant differences between the political and economic systems of the European Union and China contribute to the challenges of deepening their bilateral economic ties. Given the combination of challenges and opportunities, it is important for the leaders of the European Union and China to pay more attention to their bilateral strategy, because given the importance of both world economies, deepening economic ties between the European Union and China will bring mutual benefits and move towards strengthening the global economy and global governance improvements.