'16+1' mechanism opens up new chapter of China-CEE cooperation

Also, 16+1 cooperation is highlighted against the background of a lingering slowdown of the world economy and weak trade growth.

China-CEE cooperation not only serves peace and stability of the CEE region but also contributes to the balanced development of Europe as a whole, Premier Li said on Saturday.

China-CEE cooperation is an integral part of and a helpful complement to China-Europe cooperation, said Li.

On financial cooperation, financial institutions and businesses in CEE countries are invited to contribute on a voluntary basis to the investment fund set up by Sino-CEE Finance Holding Co. Ltd., to jointly promote China-CEE cooperation on connectivity and the development of relevant industries.

Participants in the "16+1" summit encouraged Chinese financial institutions, including the Silk Road Fund, to provide financing for China-CEE cooperation, and support China and CEE countries in enhancing practical cooperation within the framework of the European Bank for Reconstruction and Development, including third-party cooperation with other countries and regions.

The China-CEE Countries Investment Cooperation Fund (Stage II) will be launched and put into operation in 2017.

They also planned to discuss the possibility of establishing a China-CEE Countries Inter-Bank Association.

Analysts believed that the 16+1 mechanism echoes the "Look East" policy of CEE countries, deepens China's cooperation with CEE and with Europe as a whole, and the mechanism itself becomes a highlight of regional cooperation.

The mechanism will bridge China, the CEE countries with vigor and power, and open up a new chapter in their ever deepening cooperation.