Li vows transparent, fair environment for European investors

Chinese Premier Li Keqiang delivers a speech at the 11th EU-China Business Summit in Beijing, capital of China, July 13, 2016. European Commission President Jean-Claude Juncker (2nd R) also attended the summit. [Photo: Xinhua]

Premier Li Keqiang vowed on Wednesday to cultivate a fair, transparent and predictable market environment to attract European investors, especially in high-end manufacturing, modern services and infrastructure in western China.

The premier also said China would like to expand two-way investment.

"European companies are welcome to pour investment into China. ... We will encourage Chinese companies to invest in Europe and hope the EU can facilitate the working visa process," Li said on Wednesday. He spoke while co-chairing the opening ceremony of the 11th EU-China Business Summit with European Commission President Jean-Claude Juncker.

The annual event, held in Beijing, brought together 600 people from 450 companies, the premier said.

China achieved 6.7 percent GDP growth year-on-year in the first quarter, and the second quarter's growth will be stable as expected, he said.

With increasing urbanization, China has great potential demand for such things as iron and steel products, providing room for investments from Europe, Li added.

The premier said the EU's investment in China only accounted for 2 percent of its overall outbound investment, while Chinese investment to EU countries was just 1 percent of the union's inbound investment last year.

Last year saw a 7 percent year-on-year increase in EU companies investing in China, and the increase surged to 22 percent during the first five months of this year, Li said. This indicated that European companies are optimistic about China's economic prospects and the improving market, he added.

Li said Chinese enterprises have invested in all EU member states to create about 70,000 jobs.

China is willing to initiate feasibility research on a free-trade zone with the EU, and both sides should cultivate an environment that facilitates a boost in trade, considering that the two economies are complementary, the premier said.

Commerce Minister Gao Hucheng said both sides have been working on an investment agreement and have reached consensus on the agreement's contents.

Juncker said the EU is willing to accelerate negotiations on the investment agreement.