Top legislator's trip to boost Sino-EU trade

BEIJING - Top legislator Wu Bangguo's upcoming European visit will strengthen political trust between China and the EU and boost bilateral trade to a new high, said Vice Minister of Commerce Zhong Shan.

Wu, chairman of the Standing Committee of the National People's Congress, will pay an official goodwill visit to the Netherlands, Croatia, Luxembourg and Spain from May 15 to 30.

"The visit will enhance parliamentary exchange and cooperation, inject new vitality into China-EU trade cooperation and boost trade ties to a new stage," Zhong said.

China's trade links with the four countries are an important part of China-EU cooperation, he said.

The Netherlands is China's second-largest trading partner and third-largest foreign investment source in the EU, according to Zhong.

The two countries have conducted fruitful cooperation in technological fields, he said, adding that China has imported technology from the EU with a value of over $7 billion.

The economies of China and the Netherlands are highly compatible, he said, calling on enterprises to boost cooperation in manufacturing, new energy, finance and agriculture.

Describing Croatia as China's second-largest trading partner in former Yugoslavia, Zhong said bilateral trade hit $1.6 billion in 2011, up 16.2 percent over the previous year.

Croatia will join the EU on July 1 this year, Zhong said, adding that bilateral trade cooperation will bring important opportunities.

During Wu's visit, agreements will be signed to deepen two-way investment and explore opportunities in building a trade cooperation zone in Croatia, Zhong said.

Describing Luxembourg as China's important cooperation partner in the EU, Zhong said the country has become China's largest direct investment destination in the EU.

He encouraged enterprises in both countries to beef up cooperation in finance, communication and logistics in order to build bridges for China-Luxembourg and China-EU trade cooperation.

Zhong said Spain is one of China's most important trading partners in southern Europe. China's direct investment in Spain reached $130 million in 2011, nearly a 15-fold increase over the previous year, according to Zhong.

He called on both countries to explore cooperation in diversified areas in order to pull Spain out of its financial crisis and achieve economic growth.