Amid its worrying moves, EU granting China market economy status not a bilateral negotiation

And the many vicissitudes we have gone through have taught us that maintain the status quo and protectunderperforming sectors is only a temporary adaptation to circumstances rather than a long-term solution. To be competitive we have to live with the world as it is and when the world changes we must remain nimble to seize opportunities that come with challenging circumstances and swiftly adjust ourselves in a pragmatic and clinical manner.

Undoubted, the unfolding new normal and structural transformation could be more painful and even prolonged than in the late 1990s since restructuring of upstream industries are more arduous and difficult.

Yet to achieve high-quality, efficient and sustainable growth is not an impossible dream as we are determined to enduring hardships and putting our strength, determination and willingness to see to its conclusion our set objective.

Fifth, China remains committed to opening-up to achieve international competitiveness and promote win-win.

In our globalized world, we are interdependent. This is not an option but a reality. Our progress and achievement proves that the relationship we've built with our global partners especially those strategic partners determines our common prosperity.

Given this, we are working closely with our neighbors and neighbors of neighbors the One Belt One Road initiative to forge closer economic ties, deepen co-operation and expand development in the Eurasian region, and build a community of common interest, destiny, and responsibility.

We are expanding opportunities for both China and the EU by increasing market access and leveling the competitive playing field, including through the negotiation and early conclusion of the China-EU Investment Agreement.

We are advancing, as I mentioned before, economic reforms and restructuring, including financial sector opening, that would create a more rapidly growing Chinese market for European goods and services by moving China toward more home-grown, consumption-led growth.

And we are strengthening cooperation on a range of international economic and financial issues, so that we are better able to work together on common global challenges.

Last but not least, global excess steel capacity calls for global action.

All concerned countries should step up dialogue and exchange to seek to resolve their concerns through closer cooperation rather than resorting to trade defense measures, which are not sound remedies.

China stands ready to engage in dialogue and consultation with the EU through platforms including the China-EU Steel Dialogue to resolve their differences and properly manage trade friction.

In this connection, I wish to mention a conversation I had some weeks ago with a European business leaderwho works with the steel industry.