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China-EU Business Summit focuses on bilateral trade

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2016-07-14 11:22CCTV Editor: Feng Shuang

Chinese Premier Li Keqiang and European Commission president Jean-Claude Juncker have called for opening up their markets to businesses, as they attended an EU-China Business Summit in Beijing. Li and Juncker met with business representatives to discuss trade issues.

Li delivered a keynote speech at the Business Summit. He said China values peace above all, and China's will to solve the problem of steel overcapacity is resolute and the measures are effective.

"We need to have peace and stability. Peace is the basis for development. There is a lot of instability and conflict around the world. We suggest that countries involved in conflict solve their problems peacefully and constructively through negotiations," Li said.

"China will continue to maintain and contribute to global and regional safety. We need to deepen trade cooperation. Chinese and EU economies are complimentary and if we further open up our markets, our trade ties will reach a new high. China does not seek a trade surplus with the EU and is looking for more imports of mid- to high-end products from the EU.

"We hope the EU will reduce restrictions on Chinese exports and eliminate trade protectionism. Regarding the issue of steel overcapacity, only 10 percent of the steel produced in China is exported and most of it does not go to the EU.

"We do not encourage steel exports as it heavily pollutes our environment. We will reduce our coal production by another 100 to 150 million tons, and coal by 800 million tons in the next three years."

The EU has become China's biggest trading partner and China is the EU's second-largest trading partner after the United States.

But the European side urged Beijing to speed up reform and give European companies the same kind of market access that Chinese companies enjoy in Europe.

"We all know that reform is never easy. Reform asks for patience and determination. I know that progress has been made. But in some areas, progress is slower, or too slow, such as the reform of state-owned companies and the opening up of the capital of Chinese companies to European companies, especially in the service and investment sectors," Juncker said.

Li said that China does not use subsidies to give its industries a competitive edge. And he urged the EU to eliminate protectionism and emphasized the importance of opening up on both sides to increase bilateral investments.

Both China and the EU advocate free trade and mutual benefit. China's investment in the EU is increasing. And the world's two important economies are working together to promote economic structural reform.

  

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