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China's relations with Morocco date back more than 60 years. After France and Spain, China is Morocco's third-largest trade partner, with bilateral trade totaling .8 billion in 2017.

China's proactive move of further cutting banks' cash reserve requirements and moving money into targeted sectors may relieve corporate credit pressure from debt reduction and cushion the impacts of a potential Sino-US trade war, said analysts.

China's shadow banking assets showed their first increase in two-and-a-half years during the first quarter of this year, said a recent research report from Moody's Investors Service, a global credit ratings agency. "A rapid rebound is unlikely as financial systemic stability is still a key priority for the authorities," said Michael Taylor, managing director of Moody's.

Chinese Ambassador to the EU Zhang Ming joined the Vice-President of the European Parliament Dimitrios Papadimoulis, Chair of the China-EU Friendship Group of European Paraliment Nirj Deva and European Parliament member Istvan Ujhelyito to mark the anniversary.

China, which holds the first rotating presidency after the expansion, will work with other countries to promote the Belt and Road construction, and reach new consensus on the alignment of development strategies, connectivity, industrial capacity cooperation and cultural exchanges, he said.