Despite the large-scale investments of both China and the EU in climate-change mitigation and renewable-energy promotion, the prevailing view on China–EU relations is one of conflict rather than cooperation. In order to evaluate the prospects of cooperation between China and the EU in these policy fields, empirical research has to go beyond simplistic narratives. This paper suggests a conceptual apparatus that will help researchers better understand the complexities of the real world. The relevant actors operate at different levels and in the public and private sectors. The main message of the paper is that combining the multi-level governance and value-chain approaches helps clarify the multiple relationships between these actors.