The European Union and China's geoeconomic tools in a multipolar world

Abstract This paper analyzes what the geoeconomic tools of the European Union (EU) and China are and examines their nature from a comparative perspective. To this end, a literature review is conducted, accounting for the tools known as geoeconomic, and this is complemented by a content analysis of official documents, which include lesser‐known geoeconomic tools. The results indicate that although a similar number of geoeconomic tools have been identified, their salience and nature vary. While the EU's usage of these tools has lately been reactive to external developments and is not very often researched by academics, the Chinese usage takes a proactive stance. The paper concludes by pointing out that the development and relevance of these tools mirrors the systemic rivalry between the EU and China and indicates the geoeconomic shift that is taking place in international relations. Similarly, it also shows that the literature does not address all the geoeconomic tools there are and therefore this paper contributes to the literature by providing a comprehensive list of the instruments mentioned.