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China-EU commit to improving trade relations

Policy makers from China and the EU are discussing trade and investment cooperation. It’s a crucial meeting for both sides as world economic condition becomes more complex. Leaders from China and the EU have both vowed to smooth out trade issues and promote investments between the two economic power houses.

Ten years after establishing a strategic partnership, both China and the EU are facing a critical turning point.

On Thursday, the two sides held their 4th high-level trade talks in Brussels.

The trade-relation between China and the EU has been on a roller-coaster since last year, including disputes on solar panel and wine businesses.

But as both sides are undergoing major economic reforms, cooperation helps them to weather challenges.

Ma Kai, Chinese Vice Premier, said, "China appreciates the fact that the European Commission has required the mandate to launch negotiations with the Chinese side on an investment agreement and is ready to work with the European Union to speed up the work in progress. China also hopes that the European Union will take concrete actions to address practical difficulties faced by Chinese companies investing in Europe, including visas and working permits."

China’s top leaders are scheduled to meet in November to draw up a blueprint for economic development.

Trade talks with the EU may also provide references for policy makers.

"We also had a very useful exchange on the reforms that China is undertaking to ensure that it can sustain rapid but more balanced economic growth in the future, A central part of this adjustment will be reforms to the financial system to improve the allocation of credit and to reduce the risk of speculative bubbles," Olli Rehn, Vice President of Econ. & Monetary Affairs, Euro, European Commission, said.

There is no question that the EU remains one of the most important trade partners for China. But Chinese leaders have emphasized that their top priority is still stimulating higher domestic consumption.

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