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China, EU discuss investment treaty

Xinhua, September 28, 2015 Adjust font size:

Chinese and European Union (EU) leaders discussed a new investment treaty at a meeting on Monday.

They will aim to finalize a draft of the agreement by the end of this year, Chinese Vice Premier Ma Kai said after the fifth China-EU High-level Economic and Trade Dialogue, which he co-chaired with European Commission Vice President Jyrki Katainen.

"Europe has confidence in the Chinese economy and China has confidence in European economic recovery," Ma said.

"The economy and trade should be at the heart of the EU-China relationship. I'm convinced there is potential to deepen this relationship," Katainen said during the meeting.

The two sides signed an agreement to cooperate in fifth-generation mobile communication (5G), with China aiming to launch 5G commercial services in 2020, according to Ma.

They also discussed integrating the Belt and Road trade and infrastructure network with the Investment Plan for Europe and establishing a China-EU joint investment fund.

The Belt and Road was proposed by Chinese President Xi Jinping in 2013 with the aim of reviving the ancient trade route between Asia and Europe. The Investment Plan for Europe is a plan initiated by European Commission President Jean-Claude Juncker to boost the European economy. Endi