China-EU ties expected to a new level

Video

Play VideoPremier Wen meets EU leaders Play VideoChinese Premier Wen Jiabao in Prague for China-EU summit

Trade cooperation has been an important part of the China-EU strategic partnership. And the global financial crisis has made these ties more important than ever. As CCTV reporter tells us, the 11th China-EU summit is expected to raise China-EU ties to a new level of development.

December's postponement of the China-EU summit did not help bilateral ties, but fortunately things have since improved.

In late January, Chinese Premier Wen Jiabao made a so-called "journey of confidence" to the EU headquarters and four European countries.

During his visit, Wen Jiabao and European Commission President Jose Manuel Barroso stressed the importance of cooperation and also agreed to hold the China-EU summit as soon as possible.

Wen Jiabao's journey has greatly enhanced both sides' confidence in cooperation. But since the beginning of this year, China-EU trade has been increasingly affected by the financial meltdown. The A-H1N1 flu is also posing a challenge to both sides.

The dual issues of strengthening trade and economic cooperation and how to tide over the difficulties together have become more important than ever.

Under such a scenario, the Prague China-EU summit is expected to consolidate and develop collaboration as well as strengthen the favorable trend of development in bilateral ties.

In fact, annual trade between China and Europe has grown by 30 to 40 percent in recent years. In 2008, the volume reached 420 billion US dollars.

The EU is now China's biggest trading partner, largest export market, and largest source of imports. China has surpassed the US to become the EU's largest import source and second largest trading partner.

As two of the world's major economies, an enhanced China-EU strategic partnership is seen as a positive sign for the world's economic recovery.