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For their parts, Merkel, Michel and von der Leyen said China is an important strategic partner respected by the EU. It is imperative for Europe and China to strengthen cooperation, jointly safeguard multilateralism, resist unilateralism and protectionism, and respond more effectively to various global challenges, which is in line with the common interests of both Europe and China and the international community.

China is ready to work with ASEAN countries to ensure the signing of the Regional Comprehensive Economic Partnership agreement (RCEP) within this year and an early conclusion of a Code of Conduct in the South China Sea, Wang added.

The situation for foreign trade and investment, however, is still grim as the global spread of COVID-19, a severe global economic recession, and significant declines in international trade and investment as well as rising protectionism are all taken into account, according to Ren Hongbin, assistant minister of Commerce.

Coordinated regional development strategies including western development and the revitalization of northeast China can help remove market barriers to ensure domestic circulation, while pilot FTZs serve as key platforms to connect the two markets.

He added that it is necessary for the two sides to conduct a joint feasibility study on a free trade agreement as soon as possible and conclude the China-EU Cooperation 2025 Strategic Plan at an early date.