Economy

Wen urges EU to recognize China's market economy status

(Xinhua)
Updated: 2010-10-07 14:11
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Wen urges EU to recognize China's market economy status

Chinese Premier Wen Jiabao (R) shakes hands with Jose Manuel Barroso, president of the European Commission, in Brussels, capital of Belgium, Oct. 6, 2010. Wen Jiabao attended the 13th China-EU Summit in Brussels on Oct 6, 2010. [Photo/Xinhua]

"They agreed to intensify discussions on ways to promote bilateral trade and investment, also removing trade barriers and ensuring a business climate conducive to further development of trade and investment relations," said the communique.

The two sides reiterated that more concerted efforts are needed to put in place sound fiscal policies that would guarantee the sustainability of public finances while being growth-friendly, the communique added, noting the need to intensify structural adjustment in order to make growth more sustainable and balanced.

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It remains an urgent global challenge to secure financial stability and an open trade and investment environment, and the Group of 20 (G20) summit slated for November in Seoul, South Korea, should introduce synchronized action to lay a firm foundation for robust, sustainable and balanced economic growth, the document added.

The two sides will also deepen cooperation in renewable energy, continue climate change-related negotiations and strive for comprehensive and balanced results at the UN climate change conference scheduled for December in Mexico, the communique added.

China and the EU support the bid to complete the quota reform of the International Monetary Fund before the Seoul G20 summit, it said.

The two sides also expressed full support for a series of exchange programs designed to bridge different civilizations and promote mutual understanding and friendship between Chinese and European youths.