12th China-EU Summit opens in Nanjing

Let's head east to Nanjing, capital of Jiangsu Province where the 12th China-EU Summit has officially begun. Five deals have already been signed, but all sides are still pushing ahead for stronger ties.

Chinese Premier Wen Jiabao, European Commission President Jose Manuel Barroso, and Swedish Prime Minister Fredrik Reinfeldt, whose country currently holds the rotating EU presidency, are co-chairing the one-day meeting. On the agenda are Sino-EU relations, and other issues, such as global economic recovery and climate change.

Premier Wen says the summit has drawn the attention of the international community at a time when global challenges have become increasingly prominent, and the world is undergoing dramatic changes and adjustments. According to Wen Jiabao, the current situation depends on China-EU ties being more strategic, comprehensive and stable. He stresses the two sides should minimize confrontation and enhance mutual trust, adding they should make efforts to resolve trade disputes and oppose protectionism. Premier Wen repeated China's stance to maintain a stable exchange rate for the yuan. He says China will take moderate steps to reform the exchange rate mechanism, and it was unfair to demand a speed-up in appreciation of the Chinese currency.

Wen Jiabao, Chinese Premier, said, "China and the EU should maintain the intensity of their economic stimulus and strengthen cooperation and coordination in macro-economic policy and financial oversight, and contribute to the all around recovery of the world economy and sustainable development."

For their part, European leaders lavished high praise on Chinese development as well as its contributions to the world economy. They say they want to strengthen cooperation with China, and work together to face down bigger challenges on the global arena.

Wen Jiabao, Chinese Premier, said, "In the context of the unprecedented global financial crisis, keeping the yuan's exchange rate basically stable will help China's economic development as well as world economic recovery."

The two sides already signed five cooperative documents. These include technological cooperation, a low emission coal utilization project, improving energy-efficiency in buildings, the sustainable development of Chinese trade and investment, and managing the environment.