In other words, the FP chief will conduct the EU's common foreign and security policy, while ensuring the consistency of the EU's external actions. He or she will preside over the Foreign Affairs Council, be the vice president of the European Commission, and take part in the work of the European Council. This individual may submit—alongside the European Commission—joint proposals to the Council of Ministers, and can propose creating startup funds for military or civilian crisis management missions, while ensuring coordination of crisis management missions using EU and national resources.

The FP chief will also represent the EU in matters of common foreign and security policy, conduct political dialogues with third parties on the EU's behalf, and, additionally, be able to express the EU's position in international organizations and at international conferences.

This person will work with the assistance of a European External Action Service, to be made up of officials from the European Commission and the Council of Ministers, and staff seconded from the national diplomatic services of the member states. The European Commission's 135 or so delegations around the world are also to be transformed into EU delegations representing all EU institutions.

Under this aegis, the FP chief will also chair the Foreign Ministers' Council. Sectoral councils, meanwhile, are to be chaired by ministers from teams of three member states for 18 months.

Members of the European Parliament will elect the president of the European Commission. The European Council proposes a candidate by qualified majority voting "taking into account the European election results."

The European Parliament will also approve the European Commission, including the FP chief. At the same time, the size of the European Commission will be reduced in 2014 to two thirds the number of member states—unless the European Council unanimously agrees otherwise.

The jurisdiction of the European Court is also going to be expanded to include all EU activities, with the exception of common foreign and security policy. Reflecting these principles, the Lisbon treaty will also leave the EU as a single legal entity.

The areas of freedom, security and justice—longtime bywords among EU member states—will no longer be intergovernmental.

Under the new treaty, policies in the area of freedom, security and justice—including the Schengen Agreement—shall cease to be intergovernmental and become subject to a "community method."

EU national parliaments shall now also scrutinize draft laws. If one third of members object on the grounds of a subsidiary, the European Commission must reconsider the draft altogether. If this objection continues, the Council of Ministers and the European Parliament decide.

Beyond these laws, the EU will continue to take into account in its policies the social dimension of the single market, sustainable development and combating discrimination.

Last but not the least, Lisbon means that the primacy of EU law over national law will be conclusively confirmed.

A more efficient Europe

The Lisbon Treaty will herald a more democratic and transparent Europe, a more efficient Europe, a Europe of rights and values, freedom, solidarity and security, and a Europe as a more powerful actor on the global stage. It includes clearer rules on enhanced cooperation and financial provisions.

Overall, the treaty solidifies three principles of democratic governance in Europe: democratic equality—that European institutions must give equal attention to all citizens; representative democracy—a greater role for the European Parliament and greater involvement for national parliaments and participatory democracy—new forms of interaction between citizens and the European institutions.

Lisbon also boosts the EU's capacity to act by increasing the efficiency and effectiveness of its institutions and decision-making procedures. Thus, the EU should be able to cope better with the major challenges it faces. These include, most notably, climate change, energy security, immigration, international terrorism and crime.

Europe's previous inability to adopt the Lisbon Treaty received negative reactions in China—and its coming into force signals the end of the EU's long period of internal uncertainty. Hopefully, it will change the widespread perceptions among the world community that the EU is merely a trading bloc.

A more efficient EU also means a more effective actor. Rather, no threat to China will be involved. The Lisbon Treaty's entry into force ends a period of stagnation for the EU and will most likely introduce new era dynamism and confidence. It remains to be seen, however, whether the new team will live up to EU hopes.

The EU and the European Commission, for instance, already possess the necessary powers in international trade and there is no pending remedial change under the new treaty.

The European Parliament's increased powers can be also troublesome for China, as, overall, it has not had a fully harmonious relationship with Beijing.

Contrary to initial reactions in China, however, the FP chief is more important to China than the European Council president. The new diplomatic service could strengthen the EU's voice and influence internationally.

Still, no early manifestations of the external changes are expected. Indeed, it will take time for the three key figures—President of the European Commission José Manuel Barroso, European Council President Herman Van Rompuy and FP Chief Catherine Ashton—to establish an effective and harmonious working relationship.

Baroness Ashton, for one, will be wholly preoccupied with establishing and organizing the very important external service. But hopefully, a single EU voice will emerge in time, and China will find it easier to deal with the EU—in particular by needing to work less with member states.

Whether or not the EU becomes a balancing factor to the United States, though, remains to be seen.

The author is a senior fellow with the Brussels Institute of Contemporary China Studies

(The viewpoints in this article do not necessarily represent those of Beijing Review)