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People walk along the Bund in Shanghai in July 2023. WANG GANG/FOR CHINA DAILY

China is a "critical" global supplier and European companies remain bullish about prospects in the country, US media outlet CNBC reported on May 17, quoting the Allianz Trade Global Survey 2024.

More than one-third of respondents plan to increase their China footprint, the survey showed. A total of 39 percent of companies in Germany and Spain and 33 percent of enterprises in France expect their China footprint to increase.

The survey polled more than 3,000 companies in China, France, Germany, Italy, Poland, Spain, the United Kingdom and the United States about their outlook for global trade in 2024.

"China remains the world's critical supplier, from which a full decoupling seems difficult, if not impossible," the report said.

According to Allianz Trade, China often accounts for more than 50 percent of imports of a particular product, and holds a global market share higher than 50 percent for the product.