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And when it comes to developed countries, they are in the advanced stage of industrialization or even a post-industrial period with a focus on re-industrialization. So they have an advantage to offer in terms of high-end equipment and technology. China' s strength in equipment manufacturing could well be tapped to meet the need of developing countries for lower procurement costs and industrial upgrading. China may also work with developed countries to set up joint ventures or cooperative operations. China may buy core technologies, key parts and components and energy saving and environmentally friendly equipment from developed countries, therefore offering developing countries inexpensive, quality and energy conserving products that are more environmentally friendly. During my recent visit to Latin America, I got on-board a China-made ferry that is powered by a diesel electric system purchased from a developed country, instead of a conventional diesel engine, making it largely pollution-free.

According to the China-EU joint statement, both sides agreed to promote cooperation on climate change and develop a cost-effective, low-carbon economy while maintaining robust economic growth.

Released at a meeting co-hosted by NAES and the Economic Information Daily, the report made the quarterly-based analysis on China's micro-economy.Full Story

Wang will travel to Brazil for a visit after the Cuban tour.

Hua stressed China and the Philippines are neighbors and this year marks the 40th anniversary of the establishment of China-Philippine ties.