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China becomes first non-EU country to announce contribution to Juncker plan: EU

Xinhua, September 28, 2015 Adjust font size:

The European Union (EU) on Monday said China has become the first non-EU country to announce its contribution to the continent's ambitious 315-billion-euro investment plan (352 billion U.S. dollars), or Juncker Plan.

China's announcement was made at Monday's High Level Economic and Trade Dialogue in Beijing, the EU said in a press release, adding that both sides agreed to work toward closer cooperation on investment issues.

The move was viewed as a further positive step for bilateral relations after the two sides agreed to enhance cooperation under the Belt and Road Initiative and the bloc's investment plan at the 17th China-EU Summit which took place here on June 29.

Another outcome of the Beijing dialogue was that China and the EU agreed to set up a joint working group, including experts from China's Silk Road fund, the European Commission, and the European Investment Bank, to increase cooperation on "all aspects of investment."

Besides, the Commission and the Chinese government also signed a memorandum of understanding on the EU-China connectivity platform to enhance synergies between China's Belt and Road Initiative and the EU's connectivity initiatives.

The EU said the bloc stood ready to establish cooperation with the Asian Infrastructure Investment Bank as soon as it was established in early 2016 and would offer technical assistance in the bank's start-up phase. Potential co-financing for projects was also under consideration.

"We want to deepen our economic relations with China in the context of the investment plan, as well as the Belt and Road Initiative, to promote connectivity between the EU and China," said the Commission's Vice President Jyrki Katainen, who co-chaired the dialogue with Chinese Vice Premier Ma Kai.

"We have produced some real results for the future of EU-China cooperation in investment. This is the right moment to invest in Europe," he added. "I am delighted that China has announced its intention to contribute to the investment plan. I am confident that other institutional investors will follow."

To date, nine EU member states, including Germany, Spain, France, Italy, Luxembourg, Poland, Slovakia, Bulgaria and the United Kingdom, have announced contributions to the Juncker Plan.

The Belt and Road Initiative was proposed by Chinese President Xi Jinping in 2013 with the aim of reviving the ancient trade route between Asia and Europe.

The 315-billion-euro investment plan for Europe was initiated by European Commission President Jean-Claude Juncker in late 2014 in a bid to boost the European economy. Endit