(Xinhua)
Updated: 2007-11-29 11:02

He particularly propose to set up a vice-premier level of dialogue mechanism to help resolve the disputes in the bilateral trade.

Chinese Foreign Ministry spokesman Liu Jianchao said China's proposal has received approval from the EU and the mechanism is likely to be established after March of 2008.

Besides, Wen also proposed to set up a financial cooperation mechanism which deals with specific issues in financial field, and both sides agreed to carry out relevant study shortly, Liu said.

Wen promised that China will continue to expand market access to foreign countries in accordance with prevailing international economic and trade rules.

The EU is the largest trade partner and export market for China, whereas China is the EU's second largest trading partner. Bilateral trade volume has quadrupled over the past decade and is expected to exceed US$330 billion this year.

The two sides also exchanged views on bilateral relations and major international and regional issues.

Socrates said the EU-China strategic partnership benefits Europe, China and the world, and the EU appreciates China's active role in solving the nuclear issue of the Korean Peninsula, the Iranian nuclear issue and other major international and regional issues.

Meanwhile, Barroso said the EU hopes to continuously add momentum to the EU-China dialogue mechanism, and solve the issues of common concern through joint efforts.

The two European leaders said the EU adheres to the one-China policy and doesn't support Taiwan's proposed referendum on UN membership, which they said is an action to change Taiwan's status quo.

"I think leaders from both sides had an in-depth discussion on the root cause and solutions to current problems which will give far-reaching guidance to further promote mutual trust and deepen cooperation," said Feng Zhongping, a researcher with the China Institute of Contemporary International Relations.

"To continue pushing forward China-EU relations on the track of stable and sound development serves to the common interests of both sides," Feng said.

On China-EU relations, Chinese President Hu Jintao gave his account Wednesday afternoon when meeting with Socrates and Barroso.

Hu said the China-EU relationship is at a key stage of inheriting the past and ushering the future, and it is the common responsibility and mission for China and EU to grasp the general direction and lay out strategic plans for further developing bilateral ties and jointly shape a better future for both sides.

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