The 10th China-EU Leaders Meeting was held in Beijing Wednesday, where leaders from both China and the European Union (EU) outlined their future strategic partnership and discussed other pragmatic issues.

Premier Wen Jiabao(C), Prime Minister Jose Socrates of Portugal (L), who currently holds rotating presidency of the European Union, and European Commission President Jose Manuel Durao Barroso (R) hold the 10th China-EU Leaders Meeting Wednesday in Beijing.

The yearly summit was attended by Chinese Premier Wen Jiabao, Prime Minister Jose Socrates of Portugal, who currently holds rotating presidency of the European Union, and European Commission President Jose Manuel Durao Barroso.

Over the past decade China-EU ties have witnessed the fastest development in history, mutually beneficial cooperation has produced rich results, and the ties now have reached an unprecedented level in width and depth, Wen said during the meeting.

Discussing the Renminbi exchange rate issue, trade imbalance, climate change, and energy cooperation, both sides touched upon all the core issues in the China-EU relations with a pragmatic and open attitude.

During the two-hour summit meeting, both sides agreed to properly handle any disputes through dialogue and negotiation so as to seek balance of trade and push China-EU relations to a new height.

During the meeting, Wen made a four-point proposal to better outline future ties. One aspect of this describes how the two sides should improve the structure of trade, expand trade volume, and properly handle the problems in bilateral trade.

Wen proposed to maintain close high-level contacts and have prompt exchanges on bilateral and global issues, making full use of the current dialogue mechanism.

He said the two sides should speed up negotiations on a new Partnership and Cooperation Agreement, which was started last January to replace the outdated 1985 Trade and Economic Cooperation Agreement.

Wen also proposed making a common working plan on China-EU sci-tech cooperation, signing an educational exchanges and cooperation agreement as soon as possible, implementing the working plan on cultural dialogue and cooperation, and strengthening practical cooperation in the fields of climate change, energy, and environmental protection.

Trade and economic cooperation have become powerful engines for the development of the China-EU Comprehensive Strategic Partnership, while trade imbalance emerged as a major issue amid developing bilateral relations.

"We have and will continue to put in place measures aimed at expanding imports and promoting a more balanced bilateral trade," Wen said in a speech at the 4th China-EU Business Summit before the China-EU Leaders' Meeting on Wednesday afternoon.

He proposed setting up a vice-premier level of dialogue mechanism to help resolve disputes in bilateral trade. Chinese Foreign Ministry spokesman Liu Jianchao said China's proposal has received approval from the EU and the mechanism is likely to be established after March 2008.

In addition, Wen proposed establishing a financial cooperation mechanism to deal with specific issues in the financial field, and both sides agreed to carry out relevant studies shortly, Liu said.

Wen promised China would continue to expand market access to foreign countries in accordance with prevailing international economic and trade rules.

The EU is the largest trade partner and export market for China, and China is the EU's second largest trading partner. Bilateral trade volume has quadrupled over the past decade and is expected to exceed 330 billion U.S. dollars this year.

Socrates said the EU-China strategic partnership benefits Europe, China, and the rest of the world, and the EU appreciates China's active role in helping to solve the nuclear issue on the Korean Peninsula, the Iranian nuclear issue, and other major international and regional issues.

Meanwhile, Barroso said the EU hopes to continuously add momentum to the EU-China dialogue mechanism, and solve issues of common concern through joint efforts.

The two European leaders said the EU adheres to the one-China policy and doesn't support Taiwan's proposed referendum on UN membership, which they said is an action to change Taiwan's status quo.

"I think leaders from both sides had an in-depth discussion on the root cause and solutions to current problems that will give far-reaching guidance to further promote mutual trust and deepen cooperation," said Feng Zhongping, a researcher with the China Institute of Contemporary International Relations.

"To continue pushing forward China-EU relations on the track of stable and sound development serves the common interests of both sides," Feng said.

On China-EU relations, Chinese President Hu Jintao gave his account Wednesday afternoon when meeting with Socrates and Barroso.

Hu said the China-EU relationship is at a key stage of inheriting the past and ushering in the future, and it is the common responsibility and mission for China and the EU to grasp the general direction and lay out strategic plans for further developing bilateral ties and jointly shaping a better future for both sides.

 
Premier Wen Jiabao delivers a speech during the fourth China-European Union (EU) Business Summit.

(Xinhua News Agency November 29, 2007)