After the financial crisis that swept Europe in 2008, the EU implemented a series of measures that is dragging the region out of the doldrums, while China started a new round of comprehensive reform to strengthen its own growth following the Third Plenary Session of the 18th CPC Central Committee. China and EU should join hands and travel side by side on the road of reform, according to Michel Barnier, Commissioner for Internal Market and Services.

"The EU learned from the striking crisis in 2008, and conducted sweeping reforms such as unifying budgets, directing attention to public debt, decreasing deficits, and upgrading the financial market. With all these measures EU economic growth rate is expected to reach 1.7 percent in 2015 from -0.13 percent in 2013," said Barnier at a press conference on Tuesday after his four-day visit to China.

Barnier compared EU reform to China’s efforts, saying that China had also vowed to strengthen its comprehensive reform according to the decision of the Third Plenary Session of the 18th CPC Central Committee issued last November. China will give more space and freedom to the market economy. Chinese and foreign enterprises will enjoy more legal protection. At the same time China will highlight sustainable development, improving urbanization, and the service industries.

According to the joint press conference held by Chinese Premier Li Keqiang, European Council President Herman Van Rompuy, and European Commission President Jose Manuel Barroso after the 16th China-EU leaders' meeting in Beijing last November, China and the EU have vowed to work towards the goal of increasing bilateral trade to one trillion U.S. dollars by 2020. “The combined GDP of China and EU accounts for one third of the world total. What we should do is to join hands and work together,” added Barnier.

From Jan. 4 to Jan. 8 2014, Michel Barnier paid a four-day visit to China and met with ministers and officials of People’s Bank of China, Finance Ministry, Insurance Regulatory Commission, Securities Regulatory Commission, China’s State Intellectual Property Office and the National Development and Reform Commission.