Bangladesh, Sept. 9 -- The European Union is facing a difficult combination of economic stagnation, political polarization, social tensions and growing strategic uncertainty. Its relationship with Russia remains deeply troubled, while ties with the United States are increasingly complicated by disagreements over trade, security and economic policy. Against this backdrop, China could have been an important economic and strategic partner for Europe. Instead, Brussels is increasingly treating Beijing as one of the principal causes of its problems.

That approach risks becoming a major strategic miscalculation.

European Commissioner for Trade and Economic Security Maros Sefcovic recently said the European Union would press China to make comm...