China-EU summit to boost cooperation

The China-EU summit is likely to focus on the Chinese yuan's exchange rate, climate change, as well as economy and trade.

The China-EU summit was initiated in 1998. The annual event is the highest-ranking dialogue platform between China and the EU.

Monday's summit takes place as bilateral economic and trade ties between China and the EU have maintained steady development even amid the global financial crisis. Despite contractions in bilateral trade volume, the EU is still China's largest trading partner.

Figures show that the two-way trade volume increased nearly 20 percent last year to top 420 billion US dollars. But by October 2009, the decline in bilateral trade had contracted for the sixth consecutive month.

The continent's investment in the Chinese market, however, has maintained an upward trend in contrast to the negative growth of world investment. Conversely, China has sent several investment groups to the EU to boost bilateral trade.

Chinese officials say the 12th China-EU summit is expected to inject new vitality into bilateral relations.

Monday's meetings also come as the global financial crisis has made cooperation more important than ever. Enhanced cooperation between the two sides could help solve global issues, such as climate change and economic recovery.

Both sides hope the 12th summit will promote mutual trust, and establish a blueprint for dialogue and cooperation in politics, economy and trade.