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Sunday, March 9, 2014

Li Keqiang highlights investment treaty with EU

Want China Times, Staff Reporter 2014-03-09
Li Keqiang announces the opening of the BIT talks, Nov. 21, 2013.
(Photo/CNS)

China's premier, Li Keqiang, delivered his work report on the first day of the annual meeting of the National People's Congress on Wednesday, saying the government plans to step up negotiations regarding the bilateral investment treaty (BIT) with the European Union.

Li's words also suggest the government is to encourage domestic firms to invest in Europe.

Talks on the China-Europe BIT were officially initiated on Nov. 21, 2013.

According to the Chinese-language Economic Observer Online, China's investment in the EU has now exceeded the EU's investment in China. Trade volume between the two sides has surpassed US$540 billion and the EU has been China's largest trade partner for nine consecutive years, while China has been the EU's 10th biggest trading partner for a decade.

The EU has also been the top region for international acquisitions by Chinese companies for two straight years.

China's president, Xi Jinping, is set to visit Brussels at the end of March this year. Trade delegations have been led by China's premier in the past rather than the president, so the trip this year is viewed as an attempt to strengthen ties in the political arena, said Wang Yigui, a vice director at the EU research center of Renmin University of China in Beijing.

If the BIT is finalized, a free trade agreement could be something that the two sides could consider next, Wang suggested.

In his work report to China's parliament, Li also said the financial services sector may be liberalized gradually.

Wang said liberalization may affect the domestic finance sector as major European insurance firms would be able to tap the Chinese market in addition to the current competition from their US counterparts.

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