Bilateral economic relationships between the EU and China have been unprecedented since the adoption of China’s transformation to a market economy in 1978. The second tuning point in this relation is to be considered China’s WTO accession in 2001, which signifies that China’s economy will be opened more than ever to the world. Thus, issues on economic relations between the EU and China and evaluation of the impact of China’s tariff change in the year 2002, which was the first year of China’s accession into the WTO, on both economies are the major contents of this dissertation. Through analysis of documents sourced from the EU and Chinese government, this dissertation investigates that for the EU, China seems to be the most important partner in Asia and predominant interests of Europe in China are in the domains of economics and politics. Economic relations are thought to be far more important for both the EU and China than other sensitive issues such as human rights. On the basis of analyzing the economic data such as import and export, investment, technological transfer and aid, the situation of economic relations between China and the EU are described much more minutely. Major results of the analysis are that bilateral trade volume grew very quickly in the past two decades; machines and transport equipment and the other miscellaneous manufactured goods are the major trade goods; among the 12 member states of the EU, bigger states such as Germany, France, UK and Italy stand the leading role both in bilateral trade and investment from the EU to China; and through investment and technological transfer some of EU’s enterprises seem easier to access the Chinese market than other competitors in the world.